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If this is truly an "Oprah Moment", then attendees will also have to pay tax on the phone just like any other prize: http://money.cnn.com/2004/09/22/news/newsm
by kqr2 17y ago
If this is truly an "Oprah Moment", then attendees will also have to pay tax on the phone just like any other prize:
http://money.cnn.com/2004/09/22/news/newsmakers/oprah_car_tax/index.htm http://money.cnn.com/2004/09/22/news/newsmakers/oprah_car_ta...
- cstejerean 17y agoThe tax on the phone however is significantly lower than the tax on a brand new car and most people shouldn't notice the impact on their tax return documents from a several hundred dollar gift.
- Retric 17y agoYou don't pay tax on gifts only winnings. In the US giving someone that does not work for you up to ~12k/year is tax free, but the person giving the gift needs to pay tax on gifts larger than that. With some paperwork there is a lifetime exception up to 1 million but it comes out of the estate tax exemption. So, if Bill Gates gave his child 1 billion Bill would need to pay ~400 million to the IRS. However, there is an exception for anyone you are married to, and I think educational / heath care gifts are also excluded. PS: I don't know if it counts as a "prize" or a "gift" if you hand it out to everyone that shows up, but I just wanted to make the difference clear.
- joeyo 17y agoI don't see why it's a big deal. Sell the car to cover the tax. You still come out ahead.
- kqr2 17y agoActually, that's one of the options listed in the article.
- zain 17y agoDue to something related to tax, none of the Google employees attending Google I/O were allowed to get the phone.
- SwellJoe 17y agoAlso worth noting: All Googlers got a G1 for Christmas, so presumably all attending Googlers already have an Android phone. (Not the new one, of course, but still...a nice phone running Android.)