Search

Lottery ticket frenzy as Euro Millions reaches record highReply
You REALLY, REALLY need to know that what you just said is absolute non-sense. Here you go, this is directly out of the Internal Revenue Manual, which COMPLETELY contradicts your ridiculous statement: 4.10.7.2.8 (01-01-2006) IRS Publications IRS Publications explain the law in plain language for taxpayers and their advisors. They typically highlight changes in the law, provide examples illustrating Service positions, and include worksheets. Publications are nonbinding on the Service
Jul 7, 2011, 4:20 pm - Lottery Playa - Lottery News

Embattled lottery pyramid scheme slammed by Australian courtNews Story
World Games Inc. (WGI), a loosely-based international company that has been on the run from legal authorities around the world for several years, was found to be in violation of the 1974 Trade Practices Act by the Australia Full Federal Court for organizing an international lottery pyramid scheme.The court's ruling was directed at Gold Coast company Worldplay Services Pty. Ltd., a corporate entity that is tightly coupled with WGI.The decision also upheld that Greg Kennedy, the company s director
May 10, 2005, 8:57 am - Todd - Lottery News

Drug dealer must forfeit lottery jackpotNews Story
Texas man wins $5.5 million in a lottery, but must give it back after drug dealing conviction.A Mexican citizen must forfeit about $2.75 million in Texas lottery winnings because of his drug-trafficking conviction, a federal appeals court said on Wednesday.Jose Luis Betancourt, 52, was arrested after making a cocaine delivery shortly after accepting $5.5 million for having the winning ticket in the December 11, 2002, lottery drawing, according to court documents.A jury convicted Betancourt, who
Aug 18, 2005, 4:06 pm - Todd - Lottery News

Court: Ex-Husband Can Share Lottery JackpotNews Story
The Connecticut Supreme Court ruled Monday that the ex-husband of a $7 million lottery winner deserves to share her fortune.The high court's 5-0 ruling upheld a lower court order that Pamela Noyes-Dombrowski pay Eugene M. Dombrowski alimony after the dissolution of their nearly 14-year marriage.In 1992, after years of spending a few dollars each week playing the lottery, despite opposition from her husband, Noyes-Dombrowski hit the jackpot for $7 million. She opted to receive the winnings in ann
Mar 22, 2005, 8:09 am - Todd - Lottery News

Two couples in court over ownership of $4 million scratch ticketNews Story
Two couples are fighting in court over ownership of a Massachusetts Lottery scratch ticket worth $4 million.According to testimony in the civil jury trial in Barnstable Superior Court, which got under way Monday, Julie Prive was a clerk at a Tedeschi's market in Falmouth in 2002, and began regularly collecting discarded losing scratch tickets. She entered these tickets in the Clean Fun Sweepstakes, the lottery's second-chance game designed to keep used tickets from becoming litter.Prive said tha
Aug 10, 2004, 9:47 am - Todd - Lottery News

Georgia woman accused of scheme to steal lottery winningsNews Story
A Georgia woman has been indicted in Missouri on charges that stole nearly half a million dollars in lottery winnings from a 60-year-old victim. Freya Pearson, 41, of Georgia and formerly of Kansas City, Mo., was charged last month in a nine-count indictment by a federal grand jury in Kansas City, according to Don Ledford, public affairs officer for the U.S. Attorney's Office in the Western District of Missouri. The indictment, according to Ledford, alleges that Pearson convinced her victi
Nov 12, 2014, 12:04 pm - Todd - Lottery News

IRS ruling on Lotto foughtNews Story
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,
Apr 16, 2004, 9:42 am - Todd - Lottery News

Judge raps FTC over lottery ticket caseNews Story
An Ontario judge has sharply criticized the U.S. Federal Trade Commission for the way it has handled a case against a Canadian businessman who is alleged to have fraudulently sold thousands of lottery tickets across the border.Mr. Justice Arthur Gans of the Ontario Superior Court called the FTC's case against George Yemec a pittance and rapped the agency for spending months investigating Mr. Yemec to turn up allegations that don't come close to fraud. I must confess that I find this lack of a
Oct 13, 2003, 3:44 am - Todd - Lottery News

Court rejects Colorado man's claim to full $4.8M lottery jackpot he unwittingly split with scammersNews Story
Even though Amir Massihzadeh of Boulder, Colorado, was the only legitimate winner of a Colorado Lotto jackpot worth $4.8 million in 2005, he's not eligible to claim the full winnings, the Colorado Court of Appeals ruled in a decision released Thursday. Massihzadeh, one of three ticket holders to win that jackpot, accepted his prize of $568,990, after taxes. But 10 years later, a criminal investigation exposed a scheme to rig lotteries across state lines, and officials determined the other two
Jun 21, 2019, 8:39 am - Todd - Lottery News

Uncle Sam Wins Your LotteryNews Story
Attention, lottery players: If you win a nice big prize, opt to take it as a stream of payments and then change your mind and wish you had taken it as a lump sum, don't expect any special tax benefits if you sell your annuity for immediate cash.Over and over in the past few years and especially since capital gains tax rates were lowered in 2001 lottery winners have sold their rights to future payments and tried to treat what they got in exchange as capital gains.Since capital gains are now t
Nov 28, 2005, 9:12 am - Todd - Lottery News