Word count: 962. AS LAW -JUDICIAL PRECEDENT 4 star(s) The judgement can be divided into two areas; Ratio Decidendi which is the reason behind the decision. This is part of the judgement that sets out the core of the decision and the reason behind it. It is part of a decision which a future case must be decided by.
Prizes are considered taxable income regardless of whether the prize is in the form of cash, trips or merchandise. If you win a prize valued over $600, the sweepstakes or contest sponsor must report the value to you and the Internal Revenue Service on a Form 1099-MISC.Youâre still supposed to report and pay tax on prizes under $600.f you win a prize valued over $600, the sweepstakes or contest sponsor must report the value to you and the Internal Revenue Service on a Form 1099-MISC. Youâre still supposed to report and pay tax on prizes under $600.
His only income is $3,000 he received as part of a scholarship, which is taxable, because it was applied to cover his costs of room and board. Since the $3,000 is treated as earned income, Tim is entitled to a $3,000 standard deduction, which reduces his taxable income to zero.f an individual is a dependent, his standard deduction is limited to $650, or, if higher, earned income (although it can never exceed the regular standard deduction ($4,000 for single taxpayers in 1996)). So even though part of a scholarship is taxable, it may be 'covered' by the standard deduction. Example.