Word count: 962. AS LAW -JUDICIAL PRECEDENT 4 star(s) The judgement can be divided into two areas; Ratio Decidendi which is the reason behind the decision. This is part of the judgement that sets out the core of the decision and the reason behind it. It is part of a decision which a future case must be decided by.
Prizes are considered taxable income regardless of whether the prize is in the form of cash, trips or merchandise. If you win a prize valued over $600, the sweepstakes or contest sponsor must report the value to you and the Internal Revenue Service on a Form 1099-MISC.Youâre still supposed to report and pay tax on prizes under $600.f you win a prize valued over $600, the sweepstakes or contest sponsor must report the value to you and the Internal Revenue Service on a Form 1099-MISC. Youâre still supposed to report and pay tax on prizes under $600.
Â· just now. Report Abuse. Yes, any prize you win over a certain dollar amount (I think it is $1,000) is subject to taxes. When companies offer prizes for game shows, they have to give the winner an estimated value for that prize and then the winner is subject to taxes based on the prize value. Think of it...even if you just won a big screen TV for example, you'd be liable for the taxes based on the value.