Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: Monkey Face; rottndog
Prizes and awards are generally taxable.

References

IRS website -
http://www.irs.gov/businesses/small/international/article/0,,id=106194,00.html

"Prizes and Awards

"Prizes and awards are amounts received primarily in recognition of religious, charitable, scientific, educational, artistic, literary, or civic achievement, or are received as the result of entering a contest. A prize or award is taxable to the recipient unless all of the following conditions are met:

1. The recipient was selected without any action on his or her part to enter the contest or proceeding,
2. The recipient is not required to render substantial future services as a condition to receive the prize or award, and
3. The prize or award is transferred by the payer to a governmental unit or tax-exempt charitable organization as designated by the recipient."

IRS Publication 525, p. 31 - http://www.irs.gov/pub/irs-pdf/p525.pdf

173 posted on 01/31/2007 6:35:00 PM PST by tuliptree76
[ Post Reply | Private Reply | To 154 | View Replies ]


To: tuliptree76; Monkey Face; rottndog; Tax-chick; Kolokotronis
In that case, I think an engraved plaque of "Μολον Λαβε" would be perfect.
175 posted on 01/31/2007 6:41:52 PM PST by NicknamedBob (Sign says, "No dogs allowed -- except seeing-eye dogs" Why don't they put that sign down lower?)
[ Post Reply | Private Reply | To 173 | View Replies ]

To: tuliptree76; NicknamedBob

Ask and you shall receive.

Of course, now the question is how much is a ride on the Flying Castle worth? What do you charge these days, Bob?


180 posted on 01/31/2007 7:43:07 PM PST by rottndog (While reading this tag, remember Tens of Thousands of Americans are risking their lives for you.)
[ Post Reply | Private Reply | To 173 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson