Hank wins a Pulitzer prize for his book of poetry that expresses the inner beauty of the Treasury Regulations. Prior to receiving the $15,000 award, Hank directs that Columbia University, which administers the award, turn the proceeds over to the Hank's local writing club, which is a qualified tax-exempt organization. What is the tax consequence to Hank?

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The tax consequence to Hank for directing Columbia University to turn the 15000 Pulitzer prize award ... View the full answer