Today's BNA Daily Tax Report contains a wonderful little piece quoting IRS Commissioner Everson on the topic of taxing the "Goodie Bags" given to the Oscar nominees. For those of us who used to enjoy the puns of Louis Rukeyser, this guy could perhaps keep up with him. Here are excerpts from the story:
"As the world watches the glamour and glitz of the Academy Awards, it's important to keep in mind that movie stars face the same tax obligations as ordinary Americans," IRS Commissioner Mark Everson said. "We want to make sure the stars 'walk the line' when it comes to these goodie bags." ... "This has become big business for companies promoting their products. These things aren't given without pride and prejudice. There is a tax implication for them. We just want to make sure no one crashes into the tax code," Everson said.
I only caught a glimpse of the ceremonies, but I was pleased to see in the morning paper that March of the Penguins (previously given accolades on these pages - see the August 13, 2005 archives) won an Oscar for best documentary. Good for those guys who marched along with the penguins to catch that great footage.