Conrad Teitell, a principal at Cummings & Lockwood, writes: Some pundits believe President Obama's recent Nobel Peace Prize is a political liability. I won't discuss that possible liability, but I will discuss the potential tax liability of the $1.4 million cash award. Before a taxpayer accepts a Nobel or Pulitzer prize ? or you accept your prize for notarial science ? keep in mind that IRC �61(a) states that all income from whatever source derived is includable in gross income, unless specifically excluded.
December 28, 2009 at 12:00 AM
1 minute read
Some pundits believe President Obama’s recent Nobel Peace Prize is a political liability. I won’t discuss that possible liability, but I will discuss the potential tax liability of the $1.4 million cash award.
Before a taxpayer accepts a Nobel or Pulitzer prize—or you accept your prize for notarial science—keep in mind that IRC §61(a) states that all income from whatever source derived is includable in gross income, unless specifically excluded.
Presented by BigVoodoo
The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.
Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.
The premier educational and networking event for employee benefits brokers and agents.
A large and well-established Tampa company is seeking a contracts administrator to support the company's in-house attorney and manage a wide...
We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Candidates should ...
We are seeking an attorney to join our corporate and transactional practice. Candidates should have a minimum of 8 years of general corporat...
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
