Something about this does not smell right. Why would the "old employer" just shut down and give away over $50K in supplies and equipment to your friend--who wants YOU to be the one to go into the storage facility and get the goods and sell it off? How do you know your friend came by the key honestly? Before you get involved in a potential felony, you had better find out more about the situation. Income tax might be the least of your problems if you get duped into committing a crime.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
