If you have to pay income tax, then you have to include income on your tax return. That's actually bad if you receive financial aid for school. So you will get less, if any aid from the gov. even though you didn't actually make any more money. The only thing that should really count as income is if you win the lottery. I don't see how a scope helps you pay for rent or food. You are still as financially dependent on the gov. to pay some of your tuition as before. To get the scope you have to pay taxes to get it, so you lose value there. Plus if you sell it, there is potential to lose further money on the actual value of the scope. If you receive significant aid for two semesters, winning the scope can actually cause you to lose money. The amount of loans you can take can also be affected.
I'd love to win the scope, but there seems to be risk involved. Risk that cannot be fully calculated from a FAFSA perspective.