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Why the finder should come forward
06-15-2018, 02:02 PM, (This post was last modified: 06-15-2018, 02:04 PM by Bet.)
#1
Why the finder should come forward
Even if anonymity is maintained through an attorney, it would be in the finders best interest to probably come forward. The value of the chest has been overblown, imo, and is probably worth 500,000 max. However, book and movie deals may be substantially higher for the finder of the chest. By remaining anonymous I estimate the finder would be losing close to 1/2 mil maybe more from these ventures after finding the chest.
The reason I think FF is talking about the IRS is he didn’t think of everything, and if the IRS determines this is in fact a gift....then FF will be on the hook for the taxes. IRS may even decide it was a future interest gift and that taxes should have been paid when it was hidden. Seems like FF didn’t do this and this could be problematic for him, not the finder.
Remember peoples actions and words are ultimately governed by self-interest.
He is thinking about himself.
The only people who will have problems if they find the chest are Fenn favorites and those who have gotten possible advantages from him. No one else is going to have any issues, imo.
This makes me wonder why he suddenly wants or is encouraging the finder to remain anonymous.
It certainty is not the best financial decision for the finder, and I have long argued....the chest is not taxable to the finder. Fenn is responsible as the giver of the gift for these taxes.
Reply
06-15-2018, 02:13 PM,
#2
RE: Why the finder should come forward
Don't worry, Mr F can afford the taxes. No problem.
And he didn't say he wants the finder to remain anonymous.
Reply
06-15-2018, 02:47 PM,
#3
RE: Why the finder should come forward
(06-15-2018, 02:18 PM)heyoka Wrote: Only the location of the chest will remain secret. Solve the poem to find it.

Done, now open up the darn park roads.
Reply
06-15-2018, 02:48 PM,
#4
RE: Why the finder should come forward
I strongly agree that the finder should come forward a movie deal alone will be worth double the value of the TC, and life time of royalties. As well as a book deal. Yes Mr Fenn is on the hook for the appraised value of the chest and contents. Besides that is at the discression of each item appraised not the historical and collector value of the whole as one.

What I do disagree with is that I think at a respectful highly publicized auction the chest could bring easy in 2 to 4 million range.

Also the Smithsonian pays very well for items they have an expressed interest in. I have first hand knowledge of a Meteorite that is in the natural hisrtory part of the museum that fetched over a single mil just for it. A friend of mine located and sold it to them for an undisclosed amount, he told me personally it was 6 figs but was under gag to disclose any full value.

Whoever finds Mr Fenn TC should without doubt make the fullness and completeness and show the finish of this chase right down to the bones that I believe rest near the chest as it sits today.
Reply
06-15-2018, 03:36 PM,
#5
Why the finder should come forward
(06-15-2018, 02:02 PM)Bet Wrote: Even if anonymity is maintained through an attorney, it would be in the finders best interest to probably come forward. The value of the chest has been overblown, imo, and is probably worth 500,000 max. However, book and movie deals may be substantially higher for the finder of the chest. By remaining anonymous I estimate the finder would be losing close to 1/2 mil maybe more from these ventures after finding the chest.
The reason I think FF is talking about the IRS is he didn’t think of everything, and if the IRS determines this is in fact a gift....then FF will be on the hook for the taxes. IRS may even decide it was a future interest gift and that taxes should have been paid when it was hidden. Seems like FF didn’t do this and this could be problematic for him, not the finder.
Remember peoples actions and words are ultimately governed by self-interest.
He is thinking about himself.
The only people who will have problems if they find the chest are Fenn favorites and those who have gotten possible advantages from him. No one else is going to have any issues, imo.
This makes me wonder why he suddenly wants or is encouraging the finder to remain anonymous.
It certainty is not the best financial decision for the finder, and I have long argued....the chest is not taxable to the finder. Fenn is responsible as the giver of the gift for these taxes.


Maybe the finder will be a Fenn Favorite.


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Mindy's blogs:

http://www.fennhotspot.com
http://www.myeverwonderland.blogspot.com
Reply
06-15-2018, 04:01 PM,
#6
RE: Why the finder should come forward
(06-15-2018, 02:02 PM)Bet Wrote: Even if anonymity is maintained through an attorney, it would be in the finders best interest to probably come forward.
I agree the proper thing to do would be to declare the windfall to the IRS... if the finder is an American citizen.

As a Canadian, and as a person who wouldn't sell that treasure if I found it-- there is no reason to declare it to anybody but Forrest and the border control. In Canada there is no tax on windfall so the border agent would just high five and wave it through.. hopefully..
Reply
06-15-2018, 05:56 PM, (This post was last modified: 06-15-2018, 05:57 PM by Bet.)
#7
RE: Why the finder should come forward
(06-15-2018, 02:48 PM)Kettle Corn Wrote: I strongly agree that the finder should come forward a movie deal alone will be worth double the value of the TC, and life time of royalties. As well as a book deal. Yes Mr Fenn is on the hook for the appraised value of the chest and contents. Besides that is at the discression of each item appraised not the historical and collector value of the whole as one.

What I do disagree with is that I think at a respectful highly publicized auction the chest could bring easy in 2 to 4 million range.

Also the Smithsonian pays very well for items they have an expressed interest in. I have first hand knowledge of a Meteorite that is in the natural hisrtory part of the museum that fetched over a single mil just for it. A friend of mine located and sold it to them for an undisclosed amount, he told me personally it was 6 figs but was under gag to disclose any full value.

Whoever finds Mr Fenn TC should without doubt make the fullness and completeness and show the finish of this chase right down to the bones that I believe rest near the chest as it sits today.
It is possible that the treasure could be worth more at auction. Hard to know what the value might be at this point. Really no way of knowing what the market is for this until it is sold.

(06-15-2018, 04:01 PM)muset Wrote:
(06-15-2018, 02:02 PM)Bet Wrote: Even if anonymity is maintained through an attorney, it would be in the finders best interest to probably come forward.
I agree the proper thing to do would be to declare the windfall to the IRS... if the finder is an American citizen.

As a Canadian, and as a person who wouldn't sell that treasure if I found it-- there is no reason to declare it to anybody but Forrest and the border control. In Canada there is no tax on windfall so the border agent would just high five and wave it through.. hopefully..

As I stated before, it is my opinion that the taxes will be solely FF’s responsibility.
Reply
06-15-2018, 06:26 PM,
#8
RE: Why the finder should come forward
Forrest said all along he would say when it's found. If it was found and he didn't say...that would be bad considering he told everyone he would say on the blogs.
© Stephanie
Reply
06-15-2018, 07:22 PM,
#9
RE: Why the finder should come forward
(06-15-2018, 06:26 PM)admin Wrote: Forrest said all along he would say when it's found. If it was found and he didn't say...that would be bad considering he told everyone he would say on the blogs.

I'm confident that Forrest will shout it from the mountain tops the second he confirms it has been found.

I also hope the person who eventually finds it realizes a lot of people are spending a lot of time and money to find this thing. Even if they don't tell where they found it or who they are, hopefully, they will let everyone know it has been found somehow. It's the right thing to do.

MM
______________________________________________
If you would like to know my W.W.W.H., get a list of over 600 GNIS potential ones, and another list of 5,000 searchable springs with coordinate information, you can literally buy it here for $25: https://www.ebay.com/itm/283499665615
Reply
06-16-2018, 01:01 AM,
#10
RE: Why the finder should come forward
(06-16-2018, 12:33 AM)thrilledtochase Wrote:
(06-15-2018, 02:02 PM)Bet Wrote: Even if anonymity is maintained through an attorney, it would be in the finders best interest to probably come forward. The value of the chest has been overblown, imo, and is probably worth 500,000 max. However, book and movie deals may be substantially higher for the finder of the chest. By remaining anonymous I estimate the finder would be losing close to 1/2 mil maybe more from these ventures after finding the chest.
The reason I think FF is talking about the IRS is he didn’t think of everything, and if the IRS determines this is in fact a gift....then FF will be on the hook for the taxes. IRS may even decide it was a future interest gift and that taxes should have been paid when it was hidden. Seems like FF didn’t do this and this could be problematic for him, not the finder.
Remember peoples actions and words are ultimately governed by self-interest.
He is thinking about himself.
The only people who will have problems if they find the chest are Fenn favorites and those who have gotten possible advantages from him. No one else is going to have any issues, imo.
This makes me wonder why he suddenly wants or is encouraging the finder to remain anonymous.
It certainty is not the best financial decision for the finder, and I have long argued....the chest is not taxable to the finder. Fenn is responsible as the giver of the gift for these taxes.

My guess is due to the antiquities act. Any chest containing coins or bullion is considered property of the government even if said coins are part of a trove left for later recovery. This law may have been changed since the chest was hidden.

I don’t think this is correct. Can you please reference where this is stated.
Reply


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