Hollywood celebrities who show up at awards ceremonies and leave with armloads of booty can expect one more item with their gift baskets: a tax form, the New York Times reports.
The Internal Revenue Service announced Thursday that it had settled a tax matter with the Academy of Motion Picture Arts and Sciences over gift baskets , which this year were worth about $100,000 each , given to presenters and performers at the Oscar ceremony.
The academy, which votes on and distributes the Oscars, said it would send 1099 tax forms to those who received the gift baskets this year, and a representative confirmed that the organization had paid an undisclosed settlement to the I.R.S. to cover taxes owed by those who received gifts for previous years.
