Win dinner with Barack . . . It’s gonna cost you?

by ~ The Rebel ~ Posted 2012/06/25 22:38:37

Related Topics: Tax, Income, President, State, taxes, 2012, President Obama, wordpress, Hotel, Night, Results

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Roundtrip airfare (valued at $1,200)
One night in a hotel ($200)
Dinner with President Obama ($200)

The rules state that “all federal, state and local taxes associated with the receipt or use of any prize are the sole responsibility of the winner.” The $1,600 is includible in each winner’s income under § 74 — at the 35% rate, that results in $560 of federal income tax.

Karen E 2012/06/26 00:17:20

+1
they charge a price to be in their presence now? beware the costs iof "free".......

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ScottyG - Faqueue 2012/06/25 23:51:29

+2
Even Obama's free stuff has a steep price.

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