- 8 - tender at their face value. Lary v. Commissioner, supra. When the fair market value of legal tender exceeds its face value, such legal tender is property other than money. Cordner v. United States, 671 F.2d 367, 368 (9th Cir. 1982) (defining "property" for purposes of section 301(b)(1)(A)); see also Joslin v. United States, 666 F.2d 1306 (10th Cir. 1981). The gold coins petitioner received from the sale of timber to C&D are commemorative coins issued by the U.S. Mint which are not currently circulating legal tender. Accordingly, those coins are "property" within the meaning of section 1001(b) and are to be valued at their fair market value for purposes of section 1001. Petitioner conceded that the value of each 1-ounce gold coin he received had a fair market value of approximately $350. At trial, petitioner credibly testified that he did not sell any timber in 1992 but used money he had earned in prior years from mining or gold refining to support his family. Merfeld, the owner of the coin shop, testified that for 1992 he did not sell any gold coins to C&D. Moreover, Gary Schroeder, the timber manager at C&D, testified that no other customers required C&D to pay for timber in gold coins, and that the only business C&D did with the coin shop was with respect to the transactions engaged in for petitioner. There is no documentary evidence establishing that C&D lumber purchased gold coins from Merfeld in 1992. Thus, we hold that with respect to 1992, petitioner did not have anyPage: Previous 1 2 3 4 5 6 7 8 9 10 Next
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