Sorry you didn't see the humor or irony in it. Didn't notice the "LOL" in the post? I guess I should've used a smiley face for you. There was no slam there, JJ, not digging on anyone. Perhaps you're just too used to seeing them (or giving them out yourself), you jumped to the wrong conclusion. Nice thread hijack,though. And my life is going just fine, thanks.

Congradulations!!
 

Finally some good news here! Congradulations to MG on winning the airplane!

What's the IRS tax bill going to be on it?

I think it gets taxed as cash in the way lottery income is taxed.. about 1/3. If thats the case (and I'm not certain but I'm taking a stab at it)... if the 2010 Cirrus 22 has a base price of say $550,000, then tax would be perhaps around 175K.

Sound about right to anyone?

After some quick research...

"High-value prizes are a real charge to win, but remember that you're going to be paying sweepstakes taxes on your prizes - and sometimes, it's just not worth it. Remember that the rule of thumb is that you'll be paying about 1/3 of the prize value in taxes (your individual tax situation will determine the exact amount. Speak with a tax consultant for a more exact number). So if you win, say, a $90,000 vacation, you can expect to pay somewhere around $30,000 in taxes next year."

http://contests.about.com/od/sweepst...weepstakes.htm

Anyway... still heck of a deal to get a half-million dollar airplane for a third the price.

Burgenflyer,

If your comment was not meant in an off-handed way, I apologize. I took both Deuce130's comment about Bill Gates winning the power ball lottery, and your immediate reply (to his comment) as comments made in very poor taste. Again, if it wasn't meant that way, or I misinterpreted it, I'm sorry. Same applies to you Deuce. I would have thought just a nice "Congratulations Mike" would have done it.

JJ

Yep! My sister always wants to win the HGTV Dream Home each year until I remind her of the tax implications on winning a "sweepstakes" $1-2 mil house. If you look up the past winners of those McMansions you'll find most of the winners never take possession.

At least it sounds like our fellow Capt will take the airplane and enjoy it. Good for him!

I never thought of the huge tax. I could never afford a free airplane. I'm glad it went to someone who can afford it. Maybe I'll win a used 1970 C150 someday!

That's why a lot of folks who have windfall gains, like this aircraft, end up selling them, to pay the tax.

JJ

I remember Dave Hirschman as the guy who wrote Hijacked, the story of Fedex 705. It was, of course, a compelling story and well written. Anyone who hasn't read it, should.