john, age 10, found an old baseball glove while exploring an old shed on the property of his new home. His Father, Jerome took the glove to a dealer in baseball memorabilia who verified the glove belonged to Babe Ruth. Jerome sold the glove for $75,000.

Requirements:

• What tax issues should Jerome consider?
• Is John the owner of the glove? Should he be taxed on the proceeds?
• Does John giving the glove to Jerome constitute an assignment of income?