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TagResults 71 - 78 of 78 for taxes. (0.01 seconds)

Ontario mulling lottery tax
Ontario's finance minister is opposed to a scheme to tax lottery and gambling winnings. Don't bet the family farm on a lottery tax, said Greg Sorbara. This is not something that is getting very much consideration wherever. Frankly, I wasn't very impressed with the results that we might gain from it. Gambling in Ontario nets the province $2 billion annually. All the winnings are tax-free, unlike in the United States, where some states tax gambling proceeds at rates of up to 18 per cent.The Ontar
Apr 29, 2004, 7:35 am - Lottery News

IRS ruling on Lotto fought
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 - Lottery News

TennCare reminds enrollees that Tennessee lottery prizes are income
Enrollees must report prizes of $600 or moreTennCare enrollees who hit the jackpot playing the Tennessee Lottery may not be as lucky as they think.Winnings more than $600 must be reported to the state's health-care program for the poor and disabled, or the enrollee risks a fraud investigation. People need to know that lottery winnings count as income, TennCare Bureau spokeswoman Marilyn Elam said.TennCare's 1.3 million enrollees always have been required to report any change in income. The new
Mar 31, 2004, 4:30 am - Lottery News

Texas Schools Getting Bonus From Lottery
Public education has hit the jackpot with the Texas Lottery. Lottery officials say the state's online and instant games are raising billions for Texas schools.Like a lot of Texas Lottery players, Barbara Chongulia pays far more attention to how much money she might win than where the money she spends on tickets goes. It's fun. It's like buying hope, Chongulia said. I buy it everyday anyway, so it doesn't really matter to me. Since 1997, by state law, it goes to public education. Lottery offic
Mar 25, 2004, 4:56 am - Lottery News

Ruling taxes lottery winner at higher rate
An Oregon Lottery jackpot winner is going to have to pay a higher tax rate after a federal appeals court rejected his argument the prize money should be taxed like an investment at the lower capital gains rate.J. Michael Maginnis won a record $23 million jackpot in July 1991 that he divided among himself, his wife and their three sons.Maginnis chose to receive his $9 million share in 20 annual installments, a typical payment schedule at the time for state lotteries, which purchase an annuity for
Feb 4, 2004, 5:33 am - Lottery News

Ohio City Can't Collect Taxes From Mega Millions
Here's the latest twist in the saga of last month's $162 million Mega Millions lottery drawing.City officials in the Cleveland suburb of South Euclid were stunned to learn that they can't collect $1.4 million in income taxes from the winner. It seems the city charter wasn't updated to include lottery winnings as taxable income. It's not a good day for the city, Mayor Georgine Welo said Monday. We were all excited until we went to go for the money and learned that we are not entitled to it. We
Jan 20, 2004, 6:11 am - Lottery News

Security heads list of lottery priorities
There could be a lot of winners after scratch-off lottery tickets go on sale at 12:01 a.m. tomorrow.But it won't be because the lottery manipulated the games to produce more winners right away to entice more people to play.''It will appear there are more winners the first day than the second day,'' said Rebecca Paul, president and chief executive officer of the Tennessee Education Lottery Corp.''We'll sell more tickets the first day so we'll have more winners based on the fact that you sell more
Jan 19, 2004, 7:18 am - Lottery News

Lottery winners challenge IRS, tax court rulings
Because lottery winner Benjamin Y. Lelina sold the rights to the balance of his winnings, he could lose $45,000 to Uncle Sam.The Jacksonville resident is not the only lottery winner to turn potential loser. He is just one of many caught up in an Internal Revenue Service enforcement action requiring such sales to be treated at higher personal income tax rates rather than as capital gains.The deck could be stacked against Lelina and his wife, Teresita S., in U.S. Tax Court here because the court p
Jan 17, 2004, 7:02 pm - Lottery News

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