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What have we not seen?
12-11-2020, 06:40 AM, (This post was last modified: 12-11-2020, 08:00 AM by The_Spoiler.)
#1
What have we not seen?
If Jack found the chest and actually has it, why have we not seen a single picture of Jack holding the chest or anything in the chest? We see Fenn touching the chest and the contents, but not Jack. Why not?

If he wants to prove he has the chest, then why not invite a couple of legitimate reporters to meet him at the location where he has it stored and take pictures and video of him with the chest in his hands. Pictures of him removing items from the chest, etc. would work wonders for his legitimacy. Something that cannot be faked is necessary at this point.

Put up or shut up Jack.
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12-12-2020, 05:30 AM,
#2
RE: What have we not seen?
HaHa, I guess you missed it when he said HE DOES NOT HAVE THE CHEST IN HIS POSSESSION.
He said it himself , no need to dig for info
"The first game on the list ! .....Go right through Faulkens Maze ."
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12-12-2020, 07:39 AM, (This post was last modified: 12-12-2020, 07:55 AM by The_Spoiler.)
#3
RE: What have we not seen?
(12-12-2020, 05:30 AM)Faulkins Maze Wrote: HaHa, I guess you missed it when he said HE DOES NOT HAVE THE CHEST IN HIS POSSESSION.
He said it himself , no need to dig for info

That is awfully convenient don't you think? A guy obsessed with finding a chest, spends 25 days in the woods looking for it, then leaves it in Santa Fe for over 6 months? Has not even had it appraised and owes hundreds of thousands of dollars in taxes.

He's a millennial who can't even go to the bathroom without taking a selfie and there is no selfie of him with the chest after a two year obsession.

I guess some of you would believe just about anything.
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12-12-2020, 09:56 AM,
#4
RE: What have we not seen?
(12-12-2020, 07:39 AM)The_Spoiler Wrote:
(12-12-2020, 05:30 AM)Faulkins Maze Wrote: HaHa, I guess you missed it when he said HE DOES NOT HAVE THE CHEST IN HIS POSSESSION.
He said it himself , no need to dig for info

That is awfully convenient don't you think? A guy obsessed with finding a chest, spends 25 days in the woods looking for it, then leaves it in Santa Fe for over 6 months? Has not even had it appraised and owes hundreds of thousands of dollars in taxes.

He's a millennial who can't even go to the bathroom without taking a selfie and there is no selfie of him with the chest after a two year obsession.

I guess some of you would believe just about anything.

Forrest probably told him that he was going to put it in his Will to him so no taxes would be owed. I used to tell him that was a way out of the "finder" paying taxes. So now if that's the case....the estate is on hold maybe?
© Stephanie
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12-12-2020, 10:30 AM, (This post was last modified: 12-12-2020, 10:51 AM by The_Spoiler.)
#5
RE: What have we not seen?
The IRS will not buy that. The finder owed the taxes the second he found it and took possession of it. Forrest no longer had possession when he hid it because he said he would never go back for it. That make the chest abandoned property. This is a widely publicized treasure hunt, there is no way the IRS will believe it suddenly became an inheritance for someone that Fenn did not know. Additionally, the finder had possession before Fenn died, so the will is irrelevant.

https://www.moneymanagement.org/blog/do-...found-gold

Then there is that pesky little thing called the law...

From 26 CFR § 1.61-14 Miscellaneous items of gross income.

(a) Treasure trove, to the extent of its value in United States currency, constitutes gross income for the taxable year in which it is reduced to undisputed possession.
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12-12-2020, 01:55 PM, (This post was last modified: 12-12-2020, 01:56 PM by monkeyking.)
#6
RE: What have we not seen?
(12-12-2020, 10:30 AM)The_Spoiler Wrote: The IRS will not buy that. The finder owed the taxes the second he found it and took possession of it. Forrest no longer had possession when he hid it because he said he would never go back for it. That make the chest abandoned property. This is a widely publicized treasure hunt, there is no way the IRS will believe it suddenly became an inheritance for someone that Fenn did not know. Additionally, the finder had possession before Fenn died, so the will is irrelevant.

https://www.moneymanagement.org/blog/do-...found-gold

Then there is that pesky little thing called the law...

From 26 CFR § 1.61-14 Miscellaneous items of gross income.

(a) Treasure trove, to the extent of its value in United States currency, constitutes gross income for the taxable year in which it is reduced to undisputed possession.

I disagree with your analysis. The article you cite is about panned gold. Meaning it was gold that was not yet owned by anyone other than the US Government. Fenn's gold was owned by him. Per the tax code it would be likely handled by the IRS as a gift, because Forrest did not receive anything of comparable vale in exchange. In that case Forrest owes the taxes not the Finder.

"The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not.

The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift."

https://www.irs.gov/businesses/small-bus...d/gift-tax

see also https://www.irs.gov/businesses/small-bus...gift-taxes
"The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement."
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12-12-2020, 01:56 PM, (This post was last modified: 12-12-2020, 01:58 PM by Beavertooth.)
#7
RE: What have we not seen?
(12-12-2020, 10:30 AM)The_Spoiler Wrote: The IRS will not buy that. The finder owed the taxes the second he found it and took possession of it. Forrest no longer had possession when he hid it because he said he would never go back for it. That make the chest abandoned property. This is a widely publicized treasure hunt, there is no way the IRS will believe it suddenly became an inheritance for someone that Fenn did not know. Additionally, the finder had possession before Fenn died, so the will is irrelevant.

https://www.moneymanagement.org/blog/do-...found-gold

Then there is that pesky little thing called the law...

From 26 CFR § 1.61-14 Miscellaneous items of gross income.

(a) Treasure trove, to the extent of its value in United States currency, constitutes gross income for the taxable year in which it is reduced to undisputed possession.

Except he "called" Forrest before he took possession of it. If Forrest said he changed his mind and he wanted it back, the finder can claim he took possession on Forrest's behalf to return it to him. Any Forrest promises after that (will, etc) would then take precedence.

Also note your phrase "undisputed possession". Forrest, or his estate, or his family could have disputed past the end of 2020 or years beyond -- the finder would need releases from all potential claimants, even Barbara Anderson perhaps (!), for it to become undisputed. Peggy could have said it was her gold that he spirited out of the house. She would have had at least a 50% claim, I believe, without a release.

Without Forrest alive and providing these kinds of documents, probate laws would come into play -- let's all put in a probate claim if it's not too late!
Smile

P.S. My probate lawyer is bigger than your probate lawyer. Smile
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