I'm thinking of entering a contest whose prize is a piece of equipment worth $70K. I don't really want this piece of equipment, but I'd like a similar piece that costs around $25K. If I win and sell the $70K piece for, say, $50K, and then buy the $25K piece, what are the tax implications? I assume my marginal tax rate plays a role, and I'm not sure what that will be this year, so a generic answer ("assuming your tax rate is x") is fine. Thanks for your help!