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- Aug 6, 2011
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By joining our community, you'll be able to connect with fellow fans that live and breathe Detroit sports just like you!
Get StartedI am going to buy a Island if I win...Everyone here gets something...
you can gift up to $13,000 per person, per year, without creating any additional tax obligations for the recipients. set up a trust and have the gifts paid out of that!
and you can take the prize as 40 payments of $25 million or a $500 million lump sum. $500, minus an additional $175 million for Federal income taxes... and minus whatever additional state and/or local income taxes you're subject to... so probably around $300 million is what you get when all is said and done.
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