3 . Joe has been having a few good days. Recently, Joe went to a flea market...
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Question:
Joe has been having a few good days. Recently, Joe went to a flea market and purchased an old piano for $ To his surprise, Joe learned that the piano has a fair market value of $ despite having paid only $ for it If that werent enough, when Joe opened the lid of the piano to look at the strings, he discovered $ of cash.
a Does Joe have to income due to the appraisal at $ when compared to his purchase price? Why or why not? Please explain.
b Does Joe have $ of taxable income due to his discovery of cash in the piano? Why or why not? Please explain.
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