Issues Relating to Taxation
awarded to the TV audience should have been included in their gross income and subject to federal taxation. According to federal taxation prizes and awards in the form of goods and services must be included in an individual’s income at their fair market value (Bureau of Internal Revenue, 2009). Federal taxation laws stipulate that if an individual wins a prize in a television program, radio quiz program, lucky number drawing, beauty contest or any other event, he/she must incorporate it in his/her income. Based on these taxation regulations, the TV audience should have included the Pontiac G6 Sedans in their gross income and subjected it to… Continue Reading...