Omar found a Native American arrowhead on one of his excavation sites. A historian certified it was worth $2,200. There was no dispute about ownership. How much income, if any, must Omar recognize?
O Omar must recognize $2,200 in income when he sells the artifact.
O Omar must recognize income in excess of $2,200 when the artifact is sold.
O Omar does not have to recognize any income related to the discovery
O Omar must recognize $2,200 in income in the current year.