Hugo was planting a tree when he unearthed 100000

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Hugo was planting a tree when he unearthed 100,000 certificates of ITT bearer bonds, with a existing value of $4 million. He speculated that they had been placed there by former owner of the home (now deceased), at time when they were worth almost $400,000. Hugo did not sell the bonds by the end of the year. Must Hugo identify any gross income with respect to the bonds?

Reference no: EM13370609

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