While Snorkeling On Spring Break In Cancun Melody Finds A

While snorkeling on spring break in Cancun, Melody finds a small bag containing several jewels lodged between some rocks about 25 yards offshore. She reports the find to the local authorities. However, no one has reported a loss of jewels, and Melody is allowed to keep them. Upon returning home, she takes the jewels to an appraiser, who sets their value at $18,000. Because she needs money to pay for her college tuition, dormitory room and board, and books, Melody sells the jewels to a local jewelry store for $16,000.
Identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify.

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