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83 U. Cin. L. Rev. 949 (2014-2015)
Treasures and Taxes - Why the Treasure Trove Regulation Should Be Repealed

handle is hein.journals/ucinlr83 and id is 963 raw text is: TREASURES AND TAXES-WHY THE TREASURE TROVE REGULATION SHOULD BE REPEALED Laura Grace Mezher* I. INTRODUCTION In February 2013, a married couple living in Northern California's gold country, named after the state's famous 1849 Gold Rush, found rare, mint-condition gold coins buried in canisters on their private property.1 While on their daily walk, the couple spotted a rusty metal can protruding from the ground.2 They began digging and uncovered over 1,400 rare, high quality United States gold coins, dating from 1847 to 1894.' David Hall, co-founder of the Professional Coin Grading Service, authenticated the gold coins and reported that the California couple's discovery was one of the greatest buried treasures unearthed in U.S. history.4 Although the gold coins only have a combined face value of roughly $27,000, it is estimated that their current fair market value is over $10 million dollars.5 Coin experts speculate that some of the coins are so rare that they could draw nearly $1 million dollars each.6 While the couple plans to retain some of the coins as keepsakes, they intend to sell most of the coins, with a portion of the proceeds going to charity.7 Only one thing could be more surprising than discovering treasure in your backyard: discovering that you now owe close to $5 million dollars in federal and state taxes.8 The California couple has been faced with this grave realization. In fact, the couple is required to include the fair * Associate Member, 2013-2014 University of Cincinnati Law Review. 1. Robert W. Wood, Couple Finds $10 Million in Gold Coins, Taxes Take Half, FORBES (Feb. 26, 2014, 5:45 PM), http://www.forbes.com/sites/robertwood/2014/02/26/couple-finds-1O-million-in- gold-coins-taxes-take-half/; California couple in $1OM gold find may owe gov't about half report says, Fox NEWS (Fed. 27, 2014), http://www.foxnews.com/us/2014/02/27/califomia-couple-in-10m-gold- find-to-owe-govt-about-half-report-says/; Samantha Schaefer, Gold coins found in California: Some money destined for charity, L.A. TIMES (Feb. 26, 2014, 9:19 PM), http://www.latimes.com/Iocal/lanow/la-me-In-gold-coins-califomia-charity- 20140226,0,1784424.story#axzz2um53yOly. 2. Wood, supra note 1. 3. Id. 4. Wood, supra, note 1; PCGS Certifies $10+ Million Gold Coins Treasure For Kagin 's Inc., PROFESSIONAL COIN GRADING SERVICE (Feb. 25, 2014), http://www.pcgs.com/News/pcgs-certifies-10- million-gold-coins. 5. PROFESSIONAL COIN GRADING SERVICE, supra note 4. 6. Fox NEWS, supra note 1. 7. Wood, supra note 1. 8. Fox NEWS, supra, note 1; Wood, supra note 1. 949

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