Elsa found nearly $10,000 cash inside the spare tire compartment of a used car she...
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Accounting
Elsa found nearly $10,000 cash inside the spare tire compartment of a used car she purchased at an auction in December of last year. She did not discover the money until February of the following year. The auctioneer has not asked about the vehicle, nor has anyone else stepped forward to claim the money. According to most recent business lase, must the cash be included in Elsas gross income? If so, in what year must the income be recognized?
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