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This was a lost and found iPhone 6s that was found in a cab, and reported lost by owner immediately. The phone is in excellent condition. The original owner was given a new phone since she reported it years back. Can it be reactivated again as a new phone.

Yes, it can be re-activated, unless the IMEI number was blocked by the carrier or other authorities However if the original owner had enabled “Find my iPhone” which is suggested by iOS when you set up the device, then you’ll need the original owner’s iCloud password to unlock the phone.