10) Q: Will hyphenated words count as one word or two?
A: Words that are normally found hyphenated in the dictionary will be
counted as one word.
9) Q: How many words is "1996" in your book?
A: Since this is a leap year, we will count the numerical representation
of the year as a single word.
8. Q: Will the title be counted in the 100-word count?
A: The first 8 words of the title will NOT be counted in the 100-word
count.
7. Q: Where on Topsail Island is La Solista located?
A: La Solista is located on the south end of the island, about 3 miles
south of downtown Surf City. This area affords property owners the
security of having private beaches.
6. Q: If I win the house, do I have to live there, or can I rent it out?
A: The winner will receive full title to the house, with no mortgages,
and with all current property taxes paid in full. He or she may
live in the house, rent it out, or sell it. The house has been
used for several years as a rental property, bringing in $1600 per
week during the summer season.
5. Q: Are the judges the same people as before?
A: There will be 5 judges. Only one of the current judges was on the
panel during the first contest.
4. Q: Is an identical (or similar) entry to my original acceptable?
A: If you entered the first contest (that didn't receive enough
entries), you are welcome to submit the same essay. However, make
sure that it answers the question posed in the new rules. During
the first contest, some of the media listed the essay topic
incorrectly, and the judges experienced difficulty in comparing
essays written around different topics!
3. Q: What are the property taxes on La Solista?
A: About $2200 per year.
2. Q: What is the capital of North Carolina?
A: Actually, there are two: "N" and "C".
1. Q: When I win the house, will I have to pay income taxes on it?
A: As with any contest or lottery prize, Uncle Sam will be expecting
you to pay some taxes on it. Exactly how much will depend on
several variables, one of which is your current tax position.
The owners have agreed to pay for the services of a local
certified public accountant, who will sit down with the winner
and discuss various tax strategies to minimize financial exposure.
Since the winner will be presented La Solista free and clear (the
mortgages will be settled by the contest entry fees), the new owner
will be free to take out a small mortgage, if necessary, to pay off
any income tax liability, with plenty of equity left!
Copyright 1996 by Virtually Yours, Wilmington, NC. All rights reserved.
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