Re: THE GO SCHNEIDS THREAD (was about bk, but he busto-ed)
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Mike pays taxes, then he just cuts up precentages. people expecting to get money pre-tax are idiots.
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sorry kane, i gotta call you the idiot here.
party cruise doesn't do paperwok and they cut mike a check
he didn't win all of the 1mil so he cuts checks to his backers from the 1mil (it makes no sense to tax the backers-who invested in something- at the tax rate of the winner...i.e. if X is in the 25% bracket and has 1% of mike, why tax him at the 35% bracket)
so he fills out paper work and keeps records of the checks he cuts to his backers.
he then pays taxes on his winnings
there is no other way to distribute a tournament win to backers without:
1) double taxing
2) having each backer pay his/her appropriate tax rate
Barron
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