Paul L. Caron

Friday, October 17, 2008

The Nobel Prize: An Annual Teachable Moment

Nobel_2 The annual award of the Nobel Prize provides a opportunity to provide students with a real life application of § 74(b)Paul Krugman will have to pay tax on the $1.4 million unless he gives the amount to charity, as outlined in Publication 525.  See also Tax Policy Blog:

Basically, unless Krugman donates the money to an eligible charity, he must pay tax on it. And that's correct given that such an award is indeed Haig-Simons income.

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