In addition to the statuette, Oscar nominees take home a gift bag valued at about $140,000. The bag, distributed by Los Angeles-based marketing firm Distinctive Assets (not affiliated with the Academy), includes a host of freebies, such as gold-infused olive oil and $10,000 in plastic surgery. But if the winners accept the gift, they may have to pay a tax burden.
The value of the gifts counts as revenue in the recipients’ taxes and can result in a tax of more than 50%, Eric Bronnenkant, Betterment’s tax executive, told broadcaster CNBC.
The gifts are taxed because they are not gifts given for pleasure, but with the intention that the artists use the products and services for advertising.
In total, $5,000 of the $137,000 is physical products and the rest are invitations or offers that are tax-free if not redeemed.
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In 2006, the Academy stopped giving away giveaways as it was inappropriate to gift celebrities with subsequent tax collections.
The 2022 Oscars ceremony was this Sunday (27). The film “In the rhythm of the heart” was the big winner of the night and took three awards (film, supporting actor and adapted screenplay). “Duna” won the most trophies: six in total. “Attack of the Dogs” won the Oscar for best director for Jane Campion.
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