Dear Sirs:
This Income Tax statement is not entirely correct as it is missing some income.
I was walking through Berkshire Park last summer (a bucolic setting, proving to me my tax dollars are hard at work for me), when I noticed something shiny on the ground. I picked it up, it was a penny, and I put it in my pocket.
Thus, my quandary. I have no idea how to report this penny. It is neither income, nor gambling winnings, nor a gift, nor interest, nor any other of the other very well thought out categories you thoughtfully offer we taxpayers to chose from.
Since I could not find the proper line on which to enter it, I decided to send the return as is, and amend it when you advise me how this penny should be recorded.
There is one other wrinkle I am afraid: I took the penny to a coin dealer, and it is a ‘wheat ear” penny, that is, it was made before 1960. It is a common date, but any such penny has a sale value of 1.2 cents.
So imagine my dilemma! I don’t know whether to enter just the penny, or the current value when found of 1.2 cents. I also don’t know if I need to enter the .002 on a different line from the .01. Would the .002 go under capital gains?
I look forward to your soonest reply, since I do believe in paying my full tax burden. I consider it a privilege to do so.
Thank you for your time and consideration.
Perceval Downspout III