Asked Jan 14, 2020

Winner attends the opening of a new department store. All persons attending are given free raffle tickets for a watch worth $200. Disregarding any possible application of IRC Section 74, must Winner include anything within gross income when she wins the watch in the raffle?


Expert Answer

Step 1

IRC Section 74:

In this section, the amount that is received from awards and prizes is also included in the gross income. The prizes and awards that are received from t...

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