Elsa found almost $10,000 in cash inside the spare tire compartment of a used car she bought at auction in December of last year. She didn't discover the money until February of the following year. The auctioneer has not asked about the vehicle, nor has anyone else come forward to claim the money. 

Required:

According to the most recent business law, does the cash have to be included in Elsa's gross income?

 If so, in what year should revenue be recognized?

Answer rating: 100% (QA)

Yes the cash found by Elsa has to be included in her gross income as it is considered a form of taxa... View the full answer