| Posted by: smd173 at August 24, 2006, 11:55 am | | Topic: 2006 ME Event Winner Getting Sued for 50% of winnings Forum: Card Chat |
Quote: Originally Posted by mischman
How do you know taxes comes befor the 50% chop?
This was in the ESPN Poker Club article...
"Gary Thompson, the director of communications for Harrah's, which owns the Rio, said once Gold won the main event, he had the opportunity to go to the cage at the Rio and give instructions to split up the money on the spot.
"When a person wins a cash prize, whatever the amount is, they can designate that part of it can go to a different individual," Thompson said.
Thompson said each recipient would then be accountable for his own federal tax liability, which in this case, according to the IRS's Web site, would be 35 percent of the winnings. Should Gold keep all $12 million, he would owe $4.2 million in federal taxes alone. If Gold splits the prize money at the casino, he and Leyser would each owe $2.1 million on $6 million apiece. Gold and Leyser would also have to pay state taxes.
If Gold were to pay all the taxe... | | Read Entire Entry |
| Posted by: shortstacked at August 24, 2006, 3:39 am | | Topic: 2006 ME Event Winner Getting Sued for 50% of winnings Forum: Card Chat |
this might help
One of the most complicated problems that attorneys in contract law deal with is the erbal contract. Movie mogul Samuel Goldwyn is reported to have once said, "Verbal contracts aren't worth the paper they're printed on." Although they are notoriously difficult to regulate, state and federal laws regarding erbal contracts do exist, and can help to ensure the enforcement of a erbal contract.
While all important contracts should be obtained in writing (and preferable with legal consultation) erbal contracts are a convenient and commonly used form of agreement between two parties. For example, a erbal contract between two neighbors can divide their property, roommates may use a erbal contract to determine the amount of rent due from each party, and employers often use erbal contracts to arrange raises or bonuses for their employees. The main problem with a erbal contract is that if any problems should arise, and there are no witnesses who were present when the erbal c... | | Read Entire Entry |
| Posted by: mischman at August 24, 2006, 1:07 am | | Topic: 2006 ME Event Winner Getting Sued for 50% of winnings Forum: Card Chat |
Quote: Originally Posted by smd173
Well this could be a ery expensive deal that Mr. Gold may have made.
$12,000,000 X 35% in taxes = $7,800,000
$7,800,000 / 2 (if deal was true) = $3,900,000
$3,900,000 X 10% (owed to Chan?) = $3,510,000
$3,510,000 - $2,000,000 (he supposedly toked to the dealers pool) = $1,510,000.
All because he was too lazy to get some F List Celebrities to wear Bodog gear? Yeesh.
How do you know taxes comes befor the 50% chop?
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| Posted by: smd173 at August 24, 2006, 12:58 am | | Topic: 2006 ME Event Winner Getting Sued for 50% of winnings Forum: Card Chat |
Well this could be a ery expensive deal that Mr. Gold may have made.
$12,000,000 X 35% in taxes = $7,800,000
$7,800,000 / 2 (if deal was true) = $3,900,000
$3,900,000 X 10% (owed to Chan?) = $3,510,000
$3,510,000 - $2,000,000 (he supposedly toked to the dealers pool) = $1,510,000. ***I'm not sure if the toke would be pre-tax or after-tax. If it can be pre-tax then the starting amount would be $10 mil, then $6.5 mil after taxes, $3.25 after the deal, and just under $3 mil after giving some to Chan.
All because he was too lazy to get some F List Celebrities to wear Bodog gear? Yeesh.
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| Posted by: mischman at August 24, 2006, 12:02 am | | Topic: 2006 ME Event Winner Getting Sued for 50% of winnings Forum: Card Chat |
Quote: Originally Posted by JeeDub84
still a nice payday for him, but if there are recordings that can erify this deal then he could have a quite bit smaller pay day.
Quote: Originally Posted by ChuckTs
Oh boohoo...so now he's only (possibly) a millionaire 6X over instead of 12......
He also had some deal with Chan for like 10%....i think. Not to mention taxes
P.s. I was trying the new quote
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