Will Obama be allowed to keep the $1.4 million for himself?
Federal law states that "...A gift from a foreign citizen or government worth less than $245 dollars is acceptable, gifts worth more belong to the United States government..."
Depends on whether the IRS would consider it a prize, like lottery winnings, or earned income. It's not a gift, that much is certain.
He would probably arrange to donate it to some nonprofit. He may have already set up his own foundation--it would be difficult for him to donate it to any one particular charity without ruffling feathers. You know how we Americans are. We care more about money than anything else.
Not arguing here, but why is it not a gift?
And as far as donating the money, I think you give him more credit than he deserves there...his past history of charitable giving is less than stellar financially.
Do you really think he's that stupid? Apparently you do.
Depends on whether the IRS would consider it a prize, like lottery winnings, or earned income. It's not a gift, that much is certain.
He would probably arrange to donate it to some nonprofit. He may have already set up his own foundation--it would be difficult for him to donate it to any one particular charity without ruffling feathers. You know how we Americans are. We care more about money than anything else.
Pregs, do you by any chance know how the IRS deals with profits made from starting wars based on on phony evidence? The amount would be more than $1 million dollars, closer to hundreds of billions of dollars, I think. They'd probably have to assign an entire fleet of IRS agents to that case, right? Imagine the paperwork!
Worm, this is America. Profit is profit. No excuses required, the end justifies the means.
Phew! That's a relief. Now I don't have to bother myself trying to find a moral reconciliation between an unsought $1 million gift prize and several hundred billion dollars and tens of thousands of dead and maimed people resulting from a war started by politicians with lies and phony evidence to make their friends and family rich. So much easier, thanks!
Why do people care so much about this?