Bearer of rare 'One Ring' card from 'Lord of the Rings' lore could fetch $2 million and face hefty tax bill

cnbc.com:

The One Ring that collectors were coveting this summer wasn't found in Hobbiton or deep in the tunnels of the Misty Mountains; nor was it discovered in the Elf stronghold of Rivendell, the realm of Gondor or even beyond the Black Gates of Mordor.

It was foundin Toronto last month.

And the ring bearer — if they choose to sell the «precious» — may owe a hefty tax bill on the profits. Their tax rate could be as high as 53.53%.

In this case, the One Ring isn't the physical ring forged by the Dark Lord Sauron in the fires of Mount Doom and coveted by all manner of creatures in Middle Earth, as outlined in the author J.R.R. Tolkien's «The Lord of the Rings» trilogy.

Instead, it's an ultra-rare playing card in «Magic: The Gathering.»

Wizards of the Coast — the company that created the Magic playing card game in 1993 — issued a "Lord of the Rings"-themed set in June, and featured a «One of One Ring» promotion. One pack contained «The One Ring,» a serialized card of which there's only one in existence.

Public bids for the one-of-a-kind card — printed in traditional foil and in the Black Speech of Sauron using Tengwar letterforms, according to Wizards of the Coast — have extended into the millions of dollars.

One would-be buyer — Gremio de Dragones, a game store based in Valencia, Spain — offered 2 million euros, about $2.2 million or 2.9 million Canadian dollars. (Its bid also included travel and lodging expenses and a free paella dinner.)

Another interested party — Dave & Adam's, a collectibles shop near Buffalo, New York — offered $1 million.

Wizards of the Coast, which is owned by Hasbro, confirmed the card had been found as of June 30. The finder — who remains anonymous — reportedly lives in Toronto, the biggest city in