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Hugo was planting a tree when he unearthed 100,000 certificates of ITT bearer bonds, with...

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Accounting

Hugo was planting a tree when he unearthed 100,000 certificates of ITT bearer bonds, with a current value of $4 million. He speculated that they had been placed there by the homes former owner (now deceased) at a time when they were worth nearly $400,000. Hugo did not sell the bonds by the end of the year. Must Hugo recognize any gross income with respect to the bonds?

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Accompanying Regulation

Rev. Rul.

Rev. Proc.

2 Court Cases

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