Jamie Gold Responds to $12 M WSOP Lawsuit

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


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.

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To me, it is really simple. And with the amounts in question it doesn't matter who pays the taxes, just as long as they get paid. JG tells Harrah's to fill out the forms and distribute the money. Each person is then responsible for paying their 35%, and there isn't any way around that. Sure, you could give some away but there are limitations on that. The bottom line is that $3500 of everyone's buy-in goes back into the US Treasury.

Now, if Chan has claim to 10%, I'm real curious whether this is 10% of $6M or 10% of $12M....