On Os Favorite Giveaway Show, the host gives 100 audience members debit cards, each one for $14,000,
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On O’s Favorite Giveaway Show, the host gives 100 audience members debit cards, each one for $14,000, with the stipulation that the audience members donate the money to their favorite charitable cause (they cannot keep the money for themselves or give it to their relatives).The debit cards are sponsored by the Bank of America. Each audience member is also given a DVD recorder to record their stories for a future show. Identify all of the possible tax implications of this giveaway and explain what you think the tax treatment is for each.
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Related Book For
Taxation For Decision Makers 2008
ISBN: 9780324654110
2nd Edition
Authors: Shirley Dennis-Escoffier, Karen A. Fortin
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