Would You Rather Have 100k In Cash Or 100k In Gold?

Cash. If I want some gold, I can buy it with that cash.

I never did get to see the episode, who won?

silvercoinrn - Don't underestimate the appetite of IRS & the state tax depts. When you win a prize from any 'above-board' contest like this one, the entity that gave out the prizes is required to report the prize values and names, addresses, & SS#s of winners to the IRS.

Whatever you won is considered to be taxable income and will be treated as such - just like a paycheck. It doesn't matter whether you won cash, a car, gold or a pile of clay.

They're very helpful, though. You don't even have to contact them. They'll contact you - with a bill that'll include penalty & interest charges, since you didn't file the legally required return (with payment of the tax due) on time.

If I won, I would choose the cash. Easy enough to convert it into gold if I wanted to. I'd just as soon spend it on something I need more, like a new car, rather than holding onto it.