IP Osgoode David Vaver Medal for Excellence in Intellectual Property Law The Hennick Medal will be awarded annually to the top student graduating from the JD/MBA program with the highest cumulative grade point average over their two degrees. The Bronze Medal is awarded annually at Spring Convocation to the student in the graduating class who stands third with the third highest cumulative grade point average over all three years of Law School. The Silver Medal is awarded annually at Spring Convocation to the student in the graduating class who stands second with the second highest cumulative grade point average over all three years of Law School. Had he just won the Nobel and taken the $1.4 million, he could turn around and give it to charity.The Gold Medal is awarded annually at Spring Convocation to the student in the graduating class who stands first with the highest cumulative grade point average over all three years of Law School. And because he arranged it in advance, a kind of regifting of the $1.4 million cash award, it was tax efficient. President Obama cleverly managed to accept his Nobel Peace Prize, but to donate the cash that came with it to charity. The amount has been as high as $1.5 million but is now considerably less. Nobel laureates receive a diploma, a gold medal, and cash in Swedish kronor. You can even decline a Nobel Prize, and six Nobel laureates have done it. Scott, who declined a Best Actor Academy Award for Patton. Most people just pay the tax, but you could avoid taxes by declining an award. Plus, you must report the fair market value of merchandise or products. It’s the same rule for any cash prize, be it the lottery, a Nobel Prize and Olympic medals too. The IRS website warns that cash prizes and awards are taxed whether you win a drawing, quiz show or beauty contest. Since 1986, most prizes and awards are fully taxable. Of course, they are small compared to what medals bring in endorsements and other income. These medals come with cash prizes, and since cash is cash, they can trigger federal income taxes for incomes over the threshold. After all, the IRS’s ability to tax just about everything is pretty ingrained in the law. And in 2016, in HR 5946, Congress said Olympians earning less than $1M should not have their medals taxed. In the past, there have been tax bills introduced in Congress to exempt Olympic winnings from the grasp of the IRS. Tax rates might go up under proposals from the Biden administration, but right now, prize money is subject to a top-marginal tax rate of 37%. The real payday is product endorsements, which can be millions according to a report in the Washington Post. No one likes to have their cash trimmed down by taxes, of course, but the cash element of the medals is small. If you are about to rake in millions in product endorsements, you might not be too bothered to learn that the $37,500 cash prize that comes with a gold medal is also going to be taxed at 37%. The under a million dollar exemption came in 2016, in HR 5946, United States Appreciation for Olympians. collected a total of 2,941 total medals from the winter and summer games, of which 1,166 were gold medals. Winning is not about cash, but each medal comes with a cash stipend of $37,500 for gold, $22,500 for silver, and $15,00o for bronze. Most awards don’t have this threshold, so in that sense, Olympians get a better tax deal. tax system taxes prizes and awards, even Olympic ones if the recipient makes $1M a year or more.
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