Statements (23)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
United States federal tax code section
|
| gptkbp:appliesTo |
awards
prizes |
| gptkbp:codifiedIn |
26 U.S.C. § 74
|
| gptkbp:enforcedBy |
gptkb:Internal_Revenue_Service
|
| gptkbp:excludes |
Certain scholarships and fellowship grants are excluded from gross income.
Certain employee achievement awards are excluded from gross income. |
| gptkbp:exclusionCondition |
If the prize or award is transferred by the payor to a governmental unit or charitable organization as designated by the recipient.
If recipient was selected without any action on their part to enter the contest or proceeding. If recipient is not required to render substantial future services as a condition to receive the prize or award. |
| gptkbp:generalRule |
Gross income includes amounts received as prizes and awards.
|
| https://www.w3.org/2000/01/rdf-schema#label |
IRC Section 74
|
| gptkbp:partOf |
gptkb:Internal_Revenue_Code
|
| gptkbp:relatedTo |
individual taxpayers
business taxpayers scholarships and fellowships taxable income employee achievement awards taxation of income |
| gptkbp:startDate |
gptkb:United_States
|
| gptkbp:title |
Prizes and Awards
|
| gptkbp:bfsParent |
gptkb:Lottery_Tax
|
| gptkbp:bfsLayer |
6
|