Quote:
Originally Posted by OTM Al
The seat cannot be taxable. You cannot buy in, so it has no monetary value. The $3k is the prize money contribution by the satellite contest. If that is taxed, then all taxes have already been paid on all the prize money, so no one cashing at the NHC should have to pay taxes. Does that sound remotely right to anyone? Big no right there.
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This is my understanding as well. I can't buy a seat. I can't sell a seat. It has no monetary value. It is simply an entry into a "free" contest. The seat itself is only an entry into a contest. There are lots of contests out there with no entry fee and none are taxable to enter.
Obviously, if you cash at the NHC, it is a different story...
Paul