On May 27, 2021, California Governor Newsom’s “Vax for the Win” program with awards to vaccinated and to be vaccinated Californians provides:
- $1.5 million to each of 10 individuals
- $50,000 cash prize for 30 individuals
- $50 gift cards to the first 2 million individuals vaccinated on or after May 27; prize not awarded until vaccination series is completed.
The total cost is $116.5 million.
So, what are the tax consequences?
Accession to wealth, clearly realized so taxable (§61, §74, and Glenshaw Glass, 345 US 426 (1955)) unless an exclusion applies.
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