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Old 05-02-2011, 05:52 PM   #21
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Join Date: Sep 2004
Location: Massachusetts
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Originally Posted by kleenex View Post
...I wonder if the winner has to pay taxes on his prize??? How much would that be??...
Not directly.

A company would be formed, Soul Daddy Restaurants e.g., and each investor would own a share based on their investment. The judges invest cash while the founder invests recipes and the idea. In the beginning, their investments are worth nothing. As the company grows and expands, the company earns profits that are taxed.

Also, if the founder draws a salary, that would be taxable as income.

"If you want to make an apple pie from scratch, you must first create the universe." -Carl Sagan
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