If a Lottery Prize Winner Transfers the Prize to a Qualified

question 43

True/False

If a lottery prize winner transfers the prize to a qualified government unit or nonprofit organization, then the prize is excluded from the winner's gross income if the amount of the prize does not exceed 30% of the winner's AGI.

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Definitions:

Opiates

A group of drugs derived from opium that are used for their analgesic (pain-relieving) properties, but also have a high potential for addiction.

Jet Lag

A temporary disorder that causes fatigue, insomnia, and other symptoms as a result of air travel across time zones.

Menstruation

The monthly process in which the uterus sheds its lining, resulting in bleeding through the vagina, in women and female mammals.

Depression

A common and serious medical illness that negatively affects how you feel, the way you think, and how you act, characterized by feelings of sadness or a loss of interest in activities.