You can dispute the sponsor's approximate retail value (ARV) and only pay taxes on the fair market value (FMV). See here: http://contests.about.com/od/taxesfinances/ht/FMVvsARV.htm
You can dispute the sponsor's approximate retail value (ARV) and only pay taxes on the fair market value (FMV). See here: http://contests.about.com/od/taxesfinances/ht/FMVvsARV.htm