I missed the description of what it was but on the Wheel of Fortune TV show tonight one of the prizes was a Cedar Point trip valued at over $7,000. What could possibly be included to give it that much value?
The value of prizes on game shows and in sweepstakes are usually inflated. Since the winner has to pay income tax on the prize, he/she can request the prize company send a 1099-MISC that reflects what ends up being the actual cost of the prize.
I had a friend who won a vacation valued at $8,000. When it was all said and done, the travel agency spent less than $4,000 on the trip.
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