It is a coincidence that Academy awards and the tax season collide with each other, but it will never be a coincidence if you collide with an IRS official and escape without paying your gift taxes. As per IRS norms any gift marked above $100,000 are taxable and needs to be paid and the same applies to the Oscar Goodies won in the Oscar season.
As per IRS Commissioner Mark W. Everson:
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.This is quite true if Hollywood is an industry then it has to abide by the financial obligations of an industry, of which taxes stand supreme.
