Taxable income

echnically speaking, every raffle prize is taxable income, which I’m sure would come as a great surprise to most people. Think about all of the Fire Department raffles, PTO drawings, community fundraising activities….The Oscar Gift Bags are clearly way over the top of what most of us will receive, but it illustrates the concept of taxable income from a prize.  (Chapter 12, Course Objective 4, Learning outcome 12-2)

Directions:

You are required to make an initial post that answers the questions below by Tuesday. PLEASE PROOF your work before posting. Make sure it is professional and represents your best effort. You will not be able to see the posting of your peers until you make your post. After that, please read the posts of your classmates and reply in a meaningful way to at least 2 by Friday. Reply comments that only say “I agree” or “Awesome” will lose points. You are strongly encouraged to look at the rubric grading below to see how your entry and replies will be scored. On Saturday and Sunday, please check the discussion board again and reply to your instructor if your instructor commented on your post and your peers if they asked you any questions.

Read the following article: http://money.usnews.com/money/personal-finance/articles/2016-02-09/the-taxability-of-oscars-gift-bags (link opens in a new window). 

What do you think about this article?  Comment on the article in your original post and then reply to at least two classmate