their actual costs? Sweepstakes sponsors putting a sweepstake or contest on the internet often show an "ARV" (approximate retail value).
At the beginning of the following year, they send a Form 1099 to the winner to file with their taxes.
May the sponsor show a value on the Form 1099 greater than their actual costs of providing the prize?
At the beginning of the following year, they send a Form 1099 to the winner to file with their taxes.
May the sponsor show a value on the Form 1099 greater than their actual costs of providing the prize?