If that is the case, can't we just opt for the $160,000 and avoid the 28% witholding tax.. (tax on that not included in my thinking )mrsloudv12 said:Just an FYI-
You should really find out all the details that you can before entering to win the car. The people who organize the Columbus Day Parade are raffling off an 05 Gallardo, tickets are $1,000 a piece and they are limiting the entries to 300. However, if you check the rules, it states that they require 28% withholding tax BEFORE the car gets delivered to the winner. So lets say the price of the car is $190K for example, that's more than $53K that you have to come up with.