If a Lottery Prize Winner Transfers the Prize to a Qualified

question 112

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 25% of the winner's AGI.

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Definitions:

Ellipse

A shape representing all the points for which the sum of the distances from two fixed points (the foci) is constant.

Vertex

A point where two or more curves, lines, or edges meet. In the context of geometry, it is often used to refer to the corner point of a polygon or the apex of a cone or pyramid.

Parabola

The graph of a quadratic function, a U-shaped curve that can open upwards or downwards, determined by the function's coefficients.

Focus

A point used in the definitions of conic sections, such as ellipses and hyperbolas, that helps to define their shapes.