Some may have thought Oprah’s decision to give new cars to her studio audience was a grand gesture, but the IRS sees a taxable event. The recipients must treat their new cars as income, which could mean a tax bill of up to $7,000.
Some may have thought Oprah’s decision to give new cars to her studio audience was a grand gesture, but the IRS sees a taxable event. The recipients must treat their new cars as income, which could mean a tax bill of up to $7,000.