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:

Multimedia News Release

A digital press release format that incorporates various types of media, including videos, images, and links, to make the announcement more engaging and sharable.

First Lady

The wife of the president or head of state, often involved in social and charitable activities.

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An initiative launched by former First Lady Michelle Obama aiming to reduce childhood obesity and encourage a healthy lifestyle through physical activity and nutrition.

Journalist's Needs

The necessary tools, information, access, and ethical guidelines required by journalists to accurately report news and stories.