Legal Difference between Contest and Awards

Is there legally a difference between contest and award? What I mean if you are charging an entrance fee, can you only charge an entrance fee for awards or can you charge an entrance fee for a contest?

Thanks.

Rane

I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

What??????

You need to explain yourself a little more clearly and indicate the state about which you are speaking.

There is a significant Federal tax difference (since no state was mentioned, I cannot respond to the state tax).

A prize is taxable, but an award can be excludible under some circumstances.

More information is necessary to respond in more detail.

The IRS website has publications dealing with prizes and awards.

http://www.irs.gov

I hope this helps.