Dan loves game shows, He has been a guest on many game shows including Ellen. On...

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Accounting

Dan loves game shows, He has been a guest on many game showsincluding Ellen. On the last game show, The Price Is Right, he wasinvited to participate. As a result, he won a new car valued at$48,000. He questions whether this prize is taxable or is it anon-taxable gift. He is concerned about the value of the car andthe associated tax that he may have to pay. Dan emailed you, histax accountant. He wants you to tell him if he is required toreport the car as income, and if he is required to report it asincome, how much would be reported?
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Ans Yes definately prize is taxable he should pay the tax accordingly Winning a new car is a dream for many sweepstakes fans Owning a brandnew set of wheels without having to pay the See Answer

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