Tax man comes for couple’s gold-coin find
The people who unearthed the stash on their property could owe nearly half of the $10 million value in federal and state taxes.
The “greatest buried treasure ever unearthed in the United States” is about to be hit by the tax collector.
According to Kathleen Pender, a columnist at the San Francisco Chronicle, the couple who found in cans (pictured) buried on their property more than 1,400 rare gold coins worth more than $10 million will probably owe close to half of that sum in federal and state income tax, whether or not they sell the coins.
She quoted a 2013 tax guide in which the IRS stated: “If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is in your undisputed possession.”
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By SERGE F. KOVALESKI FEB. 14, 2014
The Obama administration on Friday issued guidelines intended to give banks confidence that they will not be punished if they provide services to legitimate marijuana businesses in states that have legalized the medical or recreational use of the drug, even though it remains illicit under federal law.
The guidance, which requires banks to vigorously monitor their marijuana-industry customers, was provided by the Treasury Department and the Justice Department in separate advisories. The policy does not grant immunity from prosecution or civil penalties to banks that serve legal marijuana businesses. But it directs prosecutors and regulators to give priority to cases only where financial institutions have failed to adhere to the guidance.
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By RICK LYMAN FEB. 26, 2014
A little over a year after Colorado and Washington legalized marijuana, more than half the states, including some in the conservative South, are considering decriminalizing the drug or legalizing it for medical or recreational use. That has set up a watershed year in the battle over whether marijuana should be as acceptable as alcohol.
Demonstrating how marijuana is no longer a strictly partisan issue, the two states considered likeliest this year to follow Colorado and Washington in outright legalization of the drug are Oregon, dominated by liberal Democrats, and Alaska, where libertarian Republicans hold sway. ……
The allure of tax revenues is also becoming a powerful selling point in some states, particularly after Gov. John W. Hickenlooper of Colorado said last week that taxes from legal marijuana sales would be $134 million in the coming fiscal year, much higher than had been predicted when the measure was passed in 2012.
In Rhode Island, which is struggling financially, national and local advocates for legalization say the Colorado news is sure to help legislation introduced in February to legalize the drug.
Tom Watson, Contributor
The National Football League takes in more than $9.5 billion per year and is exempt from Federal taxes. As a nonprofit, it earns more than the Y, the Red Cross, Goodwill, the Salvation Army or Catholic Charities – yet it stands as one of the greatest profit-generating commercial advertising, entertainment and media enterprises ever created.
For the love of Richard Sherman, how can this be?
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by Teresa Ambord on Feb 11 2014
A couple months ago, we reported that two retired NFL players had each sued the city of Cleveland, Ohio, claiming the city unfairly and improperly taxed their incomes. After former Chicago Bears linebacker Hunter Hillenmeyer and former Indianapolis Colts center Jeff Saturday lost their separate cases and initial appeals, they asked the Ohio Board of Tax Appeals to review the arguments.
In each of their lawsuits against the city, Hillenmeyer and Saturday accused tax authorities of applying an unfair method of taxation to their incomes.
The two former players claimed the “games-played method” the city of Cleveland uses results in tax liabilities that are considerably higher than the more common method of calculating what is known as the “jock tax.” Under the games-played method, if an athlete is on the roster, Cleveland applies a 2 percent tax rate to the number of games played in Cleveland – preseason, regular season, and playoffs – compared to the number of games played by the team during the year.