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Was the value of the cars taxable

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Reference no: EM13496203

When Oprah gave away Pontiac G6 sedans to her TV audience, was the value of the cars taxable?

On Labor Day weekend in 2006, World Furniture Mall in Plano,Illinois, gave away $275,000 of furniture because the Chicago Bears shut out the Green Bay Packers in their football season opener at Lambeau Field in Green Bay (26--0).Was the free furniture in the form of a discount or rebate taxable, or should the furniture company hand the customers a Form 1099-MISC?

 

Reference no: EM13496203

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