KGC Compass Help

[Texas Jay]

I'll bet the Internal Revenue Service didn't consider the $200,000 "fictional".
~Texas Jay

 

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[Old Dog]

Thanks Jay,
I enjoyed it.

Thom

 

[swiftsearcher]

As I stated before, I minored in accounting. Unless the tax laws have changed (and I seriously doubt this one has), you DO pay taxes on the value of something found (or, if you don't, the IRS had better not catch you). The IRS does not wait for you to sell something.

Case in point. I collect Pre 1930 Vintage Baseball Cards and have done so for over 30 years. Wal-Mart had a contest a few years back where they gave away the PSA 8 graded T206 Wagner (worth at the time around $500k, but now worth more than $3Million). The winner could NOT pay the taxes on the card and had to consign it to an auction company, where it sold for over $1Million at the time! The IRS wanted their money ASAP on the card, whether or not the winner kept it!

 

[truckinbutch]

Same thing happened to a friend of mine a few years ago when he won a custom English shotgun at a Ducks Unlimited dinner . A $25 raffel ticket bought him a $42,000 tax bill .
Jim

 

[Timberwolf]

Jay,

That was a good article. Thanks for posting it.

Yep, a couple years ago the wife and I were within a couple miles of where old Bob was digging.
I had to resist the urge to drive up to his site and introduce myself.

TW

 

[Texas Jay]

Thanks Timberwolf and Old Dog. I'm glad you enjoyed the LA Times article.
SWR: The article doesn't specifically say he paid taxes on it but, as swiftsearcher and others pointed out, he was responsible for taxes on it.

It does say: "Along the way, Brewer says, he has unearthed about $200,000 worth of
gold and silver coins. It's enough to support his modest lifestyle,"

I think that is self-explanatory.
~Texas Jay

 

[truckinbutch]

Quick question : What sort of noises does a Dog In a Manger make ?

 

[Timberwolf]

The article is also void of any verification that about $200,000 worth of gold and silver coins being "found" in the first place. That claim is only sourced by the person trying to sell the book.

SWR,

Why should Bob Brewer or anyone else prove to you, what they have found?

I noticed that you have a website: http://www.shallowwaterrecovery.com/ where you advertise a Recovery Service.
Am I to assume from your above statement, that the rings and jewelry that you "claim" to have found is false, and that you are just trying to get more business?

Timberwolf

 

[Timberwolf]

The article is also void of any verification that about $200,000 worth of gold and silver coins being "found" in the first place. That claim is only sourced by the person trying to sell the book.

SWR,

Why should Bob Brewer or anyone else prove to you, what they have found?

I noticed that you have a website: http://www.shallowwaterrecovery.com/ where you advertise a Recovery Service.
Am I to assume from your above statement, that the rings and jewelry that you "claim" to have found is false, and that you are just trying to get more business?

Timberwolf

Oddly enough, I did not request Bob Brewer or anyone else to prove to me what they found.

In regards to my Recovery Service...you may assume anything you wish. I'll not banter such pointless inquires.

Maybe not directly, but when you insinuate that he didn't find it, because, and I quote:
"The article is also void of any verification that about $200,000 worth of gold and silver coins being "found" in the first place.".
It would appear that you are wanting proof.
If I am wrong, please set me straight.

TW

 

[Old Dog]

Oddly enough, I did not request Bob Brewer or anyone else to prove to me what they found.

In regards to my Recovery Service...you may assume anything you wish. I'll not banter such pointless inquires.

That is not how you have worded previous posts...
Be careful what you say Buddy. Things could return to you with teeth.

 

[Old Dog]

My complete statement was:

The article is also void of any verification that about $200,000 worth of gold and silver coins being "found" in the first place. That claim is only sourced by the person trying to sell the book.

Now...is that claim sourced by anyone else, other than the person selling the book?

...you may assume anything you wish. I'll not banter such pointless inquires.

 

[Texas Jay]

Anyone who has actually read the Brewer/Getler book knows that it is extremely well-sourced with eyewitness accounts, photographs, and locations of the KGC treasures that have been recovered, not only by Bob and Linda Brewer but by Michael Griffith and others as well. If one really wants to witness the things we are discussing here, and is not willing to take others' words, documentation and photographs as proof, then the only way I can think of that they will accept it is to visit some of the places mentioned and witness these things for themselves.
~Texas Jay

 

[Shortstack]

As I stated before, I minored in accounting. Unless the tax laws have changed (and I seriously doubt this one has), you DO pay taxes on the value of something found (or, if you don't, the IRS had better not catch you). The IRS does not wait for you to sell something.

Case in point. I collect Pre 1930 Vintage Baseball Cards and have done so for over 30 years. Wal-Mart had a contest a few years back where they gave away the PSA 8 graded T206 Wagner (worth at the time around $500k, but now worth more than $3Million). The winner could NOT pay the taxes on the card and had to consign it to an auction company, where it sold for over $1Million at the time! The IRS wanted their money ASAP on the card, whether or not the winner kept it!

Swiftsearcher, you are absolutely CORRECT. Back during the Carter administration, when the economy went to hell with double digit inflation, gas rationing, and interest rates were as high as 23%, thousands of people began to barter for goods and services. Bartering became known as the "underground economy" and was played up big time in the news media. The IRS got congress to change the tax laws to allow them to levy income tax based on the average value of the goods and / or services being exchanged. People definitely raised hell about it, but, as usual, the congress (and IRS) flatly ignored us.
The person who claimed that we are taxed on things found only after they are sold is WRONG!!!!!
As the great Greg Gutfeld says,"Check it out, checkitouters."

Now, back to the original subject of this post. It seems that most of the compasses being used here are the liquid filled ones. You know, that liquid that is meant to damper the movement of the needle. Has anyone tried one of those cheapo compasses with no liquid and flimsy little needles? Those are the ones that will react to metal masses. I don't think the folks of old had liquid dampening material in THEIR compasses. Just a thought.

 

[GoldBack]

Ok...I just dont understand. If I am walking the line with a compass,its going to naturally waver a bit....I am standing over an iron door and its not even moving......how did these guys find this before detectors.....I have read numerous accounts of the signs being detected with a compass.....but I cant imagine now that a compass would pick up nails,bits of wire or half a horseshoe.....
If anyone can enlighten me I would be grateful.

You need to remember the type of compass used during those days, sometimes you have to hold the compass within inches of the target to get any type of a "indication or fluctuation" of the needle.

 

[Old Dog]

it is still that way.
Compasses haven't changed that much in 150 years.

 

[GoldBack]

it is still that way.
Compasses haven't changed that much in 150 years.

"In the early days of the compass, it was only a small piece of rock ore, strapped to a small floating piece of wood. It could even be hung by a thread."
Work Cited: History of the Compass

I'm pretty sure the accurate reading of this compass in contrast to the ones used today were minimal at best, please try to do some research before you go and post, thanks.