qualified prize
Defined in 1 place of the United States Code.
The term “qualified prize” means any prize or award which—
(i) is awarded as a part of a contest, lottery, jackpot, game, or other similar arrangement,
(ii) does not relate to any past services performed by the recipient and does not require the recipient to perform any substantial future service, and
(iii) is payable over a period of at least 10 years.
Source
- 1998–present26 U.S.C. § 451Internal Revenue Code · General rule for taxable year of inclusion · for purposes of this title