Minnesota Administrative Rules
Agency 176 - Lottery, State
Chapter 7857 - LOTTERY PRIZE PAYMENTS
Part 7857.4041 - PRIZES PAYABLE OVER TIME

Universal Citation: MN Rules 7857.4041

Current through Register Vol. 49, No. 13, September 23, 2024

Subpart 1. General.

A person claiming a prize, that will be paid in the form of installments over a definite period of time, consisting of at least ten years, may elect to receive a single cash payment equal to the present value of the prize that is payable over a definite period of time, in lieu of receiving payment of the prize in installments, if the person notifies the lottery within 60 days of becoming entitled to the prize.

Subp. 2. [Repealed, 30 SR 478]

Subp. 3. Person defined.

For purposes of this part, a "person" is an individual or a pass-through entity consisting entirely of individuals that compute taxable income using a cash basis method of accounting.

Statutory Authority: MS s 349A.05

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