Question
which of the following statements is correct regarding prizes and awards? a. a prize winner can be required to perform substantial future services as a
which of the following statements is correct regarding prizes and awards? a. a prize winner can be required to perform substantial future services as a condition of winning and not jeopardized qualified status for the award. b. A qualified prize is a prize or award from a contest lottery jackpot game or similar arrangement that provides a series of payments over a period of sty least 5 years. c. a qualified prize winner who has the option of choosing cash or an annuity no later than 60 days after becoming entitled to the prize is not required to include amounts in gross income immediately if he/she chooses the annuity option. d prizes are generally subject to self employment tax.
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