Identify the tax issue or issues suggested by the following situations and state each issue in the form of a question.
Two years ago, a professional theater company paid $300 to an antique dealer for an old oil painting that the company used as a prop. This year, the company’s prop manager was cleaning the painting and discovered an older painting hidden beneath the top coat of pigment. To the company’s delight, the older painting was signed by Paul Cézanne. Two independent appraisers determined that the painting is worth at least $250,000.

  • CreatedNovember 03, 2015
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