Originally Posted by
JeffYoung
Ron, your attorney says to be sure to report all income from this venture to the Internal Revenue Service.
This is a public service message. Thank you.
Hey Ron, Just got off the phone with Dewey, Cheatam, and Howe and they said you do not have to report it as income unless you also report your prize money. If so, you have engineering costs, costs of production, etc that can be used to offset income.
Either way, it is tax year 2009 so you don't have to worry until April 15, 2010 about an audit. 
BTW, pulley arrived, looks great thanks for doing this.
heads off to write check to IRS for this year and waiting on the finders fee for reporting tax cheaters 
Paul Ballance
Tennessee Valley Region (yeah it's in Alabama)
ITS '72
1972 240Z
"Experience is what you get when you're expecting something else." unknown
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