Detailed text transcripts for TV channel - FOXNEWS - 20120801:20:53:00
The gold in the actual medal itself, is that right? >>guest: technically, it is in the just cash you have to pay taxes on. if you receive a prize for winning anything, and that's a refrigerator on a game show, an olympic gold medal, it doesn't have to cash price, you have to pay taxes on the fair market value of that. so what we did, we took a look at what the fair market value of the gold medal would bees based on what the alloy composition was, and you had to pay on the medal. >>eric: so i am looking at this, and, michael phelps would have tough time meeting the tags obligation with 18 of th...