Gross income with respect to bonds

Reference no: EM1310853

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 former owner of the home (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?

Reference no: EM1310853

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