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.
under the anticipatory assignment of income doctrine a taxpayer cannot exclude an economic gain from gross income by assigning the gain in advance to another party e g lucas v earl 281 u s 111 because gains should be taxed to those who earn them id at 114or noncorporate individual taxpayers the amt establishes a tax liability floor equal to 26 percent of the taxpayer s alternative minimum taxable income minus specified exemptions up to $ 175000 plus 28 percent of alternative minimum taxable income over $ 175000 secs