Contractors must use the formats provided in the below Post Award Exhibits. Contractors are required to justify their Economic Price Adjustment (Clause 552.216-70), Price Increases above 10% and 25% for paper products with letters from their suppliers or any other sources that are applicable.
Previously, the victory tax was applied to all medalists' reward money and the value of their medals. During the last Olympics, gold medalists received a sum of $25,000, silver medalists raked in $15,000, and bronze winners collect $10,000 â all of which were taxed as income. Meanwhile the value of medals were roughly $600 for gold, $300 for silver, and only $4 for bronze (which are mostly made out of copper).
Executor (or Executrix) Personally Liable for Taxes. One of the duties of an executor is to pay any debts the deceased left behind out of the assets the deceased left behind. These debts can include unpaid federal tax liabilities. If the taxes are not paid, in some cases the executor can be personally liable for them. A recent article in JD Supra, titled T & E Litigation Newsletter - September 2014 #1, tells the story of a federal tax case involving an executrix who was held personally liable for the deceased's tax liabilities.