[Anyong Bluth]

Originally Posted by mr. tegu

Spoiler!

That makes sense but we would then have to assume that Sean knew someone would get their hands on Walter's wallet to place the photo in there.

But now that I think further, it still doesn't make sense because when Walter visited Sean in the mountains, Sean said he was sitting on the photo, so therefore we would have to assume the photo was there the whole time. To me, it makes the most sense that, like Fish said, the photo Sean took is not from when we see Walter on his break outside the building but from a different day sometime before.

Spoiler!

I agree, I always thought that the photo was taken and the negative was in the wallet, I was just going off the assumption of if the negative truly wasn't in the wallet to start with when he first got the present.