An auto that is received as a prize should be included in the taxpayer's income at its list price rather than its fair market value.

Name: An auto that is received as a prize should be included in the taxpayer's income at its list price rather than its fair market value.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The fair market value of the auto received as a prize should be included in the taxpayer's income, not the list price. This is because the IRS requires taxpayers to report the fair market value of prizes and awards.

An Auto That Is Received as a Prize Should Be