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When Oprah gave away Pontiac G6 sedans to her TV audience, was the value of the cars taxable? On Labor Day weekend in 2006 World Furniture Mall in Plano, Illinois, gave away 275,000 of furniture because the Chicago Bears shut out the Green Bay Packers in the team's football season opener at Lambeau Field in Green Bay (26-0). Was the free furniture in the form of a discount or rebate taxable, or should the furniture company have handed the customers of Form 1099-MISC?

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Category:- Accounting Basics
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