Hugo was planting a tree when he unearthed 100 000 certificates
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 home’s former owner (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?
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