Jamie Gold Responds to $12 M WSOP Lawsuit

[Sysvr4]

I cannot imagine how this is anything other than a very simple tax situation.

Gold files his 1040 with a Schedule C claiming the entire 12M minus various customary deductions of his trade. He gives Leyser a 1099 for 6M (and, of course, the 6M itself) and deducts that from his gross Schedule C earnings and pays taxes on the (roughly) 6M net left over.

Leyser in turn files a Sch C claiming the 6M from the 1099 income he received from Gold.

The government gets 35% of 12M either way, gift taxes are avoided, etc. This is just how it's done... now, can anyone hazard a guess as to why it would be more complicated than that?

I just cannot imagine that the tax ramifications of their deal are what is holding up the settlement.