Accounting News

Monday, April 2, 2012
Lottery Tax Burden

Since you are at work reading a blog about accountants this Monday morning it is probably safe to assume that you didn't win the $540 million lotto drawing last Friday. The three winners will each get $213 million if they take the lump sum. That would create a tax bill of $107.5 million for each winner.

We may not be able to live a life a luxury now but at least we don't have to pay the $100 million in taxes. It seems like the big winners are the stores that sold the winning tickets. Two stores got a bonus of $500,000 while the third will get a bonus of $100,000. And they didn't even have to pay the $1 for the ticket.

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