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If that is a prize - yes - it must be reported. But the threshold for reporting requirements is $600.
As the value is below the threshold - reporting is not required.
File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year:-- At least $600 in:
3. prizes and awards (see instructions for boxes 3 and 7);4. other income payments (box 3);
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