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As the COPO car prize winner, the taxes on $150K for the car would be be about $60K out of pocket for the winner, or about $50K net after taxes if you took the cash.
Count on an IRS audit for 2005 as well.
Be careful what you wish for, and remember that thing about death and taxes.
Here's the big question, though. If you're the lucky winner and really want the car, but don't have the money for what it will cost to take delivery, what would you do then?
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Oh s*it, now I hope I don't win this car.
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No Prob, if you win Ill give you a few hundred bucks for your $5.00 ticket. Then we both win
