Income from whatever source derived is included in gross income unless there is a specific law treating the income as wholly or partially tax free. This means that the winnings awarded by the U.S. Olympic Committee to American medalists are taxable. These cash prizes are $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
A bill in Congress called the Tax Exemptions for American Medalists (TEAM) Act would exempt these winnings from tax. A similar attempt to exclude winnings was made in Congress in 2012, but it failed at that time.
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.