Quote:
Originally Posted by pointman
I have no idea what you mean by that.
What I am though is a lawyer, albeit not a tax attorney. But I remember, as almost anyone who went to law school does, the first case they taught us in tax class in our first year. The case was from the early 1900's where an executive got his company to agree to pay his personal taxes in addition to his salary. The Court, I believe the US Supreme Court, held that all the money he was paid was income and he was personally liable to pay not only his taxes on his salary, but also the money his company paid for his taxes.
The bottom line is that I don't believe this is an issue for Monmouth as they do not make up the rules for what is income and what is taxable, Congress does. When you win a prize in general (such as on a game show or a free trip) it is considered taxable income. The issue is more likely one for your accountant, not Monmouth race track.
|
I meant that, I play in quite a few contests (although not nearly as many as Paul) I have never heard of a track doing this, it is a pretty low blow.
You think anyone would pay $$ to enter their contest had they known this upfront?