TAX

Tax Law

TO: Manager

FROM: ABC

Subject: Whitney and Ed Tax treatment on Auction of Declaration of Independence year 2012

Facts of the Case

In this case, Whitney and Ed North used to collect Antique garages from the sales and flea markets. During 2010, they purchased a very old desk for $600. The condition of the desk was very poor and required reconstruction. This desk was remained in their garage for more than a year. Whitney found a very old copy of the Declaration of Independence while he was moving the desk from the garage. Whitney Consulted with the Sotheby an auction house; the appraisal ...