Lottery proceeds was income resulting from partnership

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Reference no: EM131702405

Michael, his mother, and his four siblings orally agreed that they would all play the lottery and that if any one of them should purchase a winning lottery ticket, all of them would share the money equally. Michael’s mother purchased the sole winning ticket for the $6 million lottery prize and informed the lottery commission that, per the family agreement, a six-person partnership had won the prize. Each of the six family members took an equal one-sixth share of the lottery proceeds. Explain whether Michael’s share of the lottery proceeds was income resulting from a partnership or a gift from Michael’s mother.

Textbook: Smith and Roberson's Business Law.

Reference no: EM131702405

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