IRS ruling on Lotto fought

Comment #4

hypersoniq — Sun, 18 Apr 2004 14:22:00 GMT

I always figure the tax rat

Comment #3

CASH Only — Sat, 17 Apr 2004 13:37:37 GMT

She opted for cash payments over 26 years No, she did NOT choose cash.

Comment #2

jeffrey — Sat, 17 Apr 2004 08:57:30 GMT

Actually Butterfly, you have a point. Just ask anybody who has an ESOP. They should call ESOP a capital gain for the company owners who can sell their lion share back to the company and then sell the company itself. The new owners then devalue the employee shares and then buy them up at a bankruptcy prices. This has happened at 2 companies I have worked for. Many other people are at risk. I've heard nothing but bad things about these funds due to distribution of shares. CEO's tend to be awarded... [ More ]

Comment #1

Butterfly — Sat, 17 Apr 2004 04:54:34 GMT

Why bother with winning if the IRS plans on getting most of the winnings. Instead of a lottery why don't we just call it the Donations to the Goverment and forget it. Best to steal it like the big guys do and then you get away not paying anything. Winning the lottery isn't enough money to go to jail for . Own a big company and then steal your employees pension fund and you will get a metal. but try and keep your money from working or winning a little money and the IRS will take it all and put... [ More ]

IRS ruling on Lotto fought

Lottery Post — Fri, 16 Apr 2004 13:42:37 GMT

Greece woman wants sale of rights to be taxed as capital gain.New York Lottery winner Shirley B. Prebola of Greece could end up a $1.3 million loser if the Internal Revenue Service has its way.Prebola, also known as Shirley D. Begy, filed a petition asking the U.S. Tax Court here to overturn the IRS ruling that her 2000 sale of the remaining rights to her annual lottery payments was taxable as ordinary income instead of a long-term capital gain.Prebola won $17.5 million playing Lotto on May 31,