In chapter 4,Dianne Taylor won a 2013 Honda Accord on "The Price is Right" TV show.She has to pay taxes on her prize.The taxes are based on the car's ________ value.

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When it comes to taxes on prizes or gifts, the IRS generally requires that taxes be paid on the fair market value of the item. This is the price that the item would fetch in the open market, which can be different from the manufacturer's suggested retail price, invoice price, or residual value. As such, Dianne Taylor would have to pay taxes on the fair market value of the 2013 Honda Accord she won on "The Price is Right" TV show.

In Chapter 4,Dianne Taylor Won a 2013 Honda Accord on "The