Jamie Gold Responds to $12 M WSOP Lawsuit - Page 8

renodoc · #71 08-26-2006, 06:55 PM

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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....

Gamblor · #72 08-26-2006, 07:21 PM

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Exactly. If those tapes exist, then Gold is going to lose this lawsuit and go down in history as the biggest scumbag to ever hold the title of World Champion.

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Um, you may want to review a list of past champions.

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Nobody has mentioned anything about the most interesting post of this thread.

explanation please? i hope doyle cheating on taxes isn't the best you can come up with.

superleeds · #73 08-26-2006, 07:35 PM

IMHO this is why all this has happened so fast and the way it has. Leyser (sp) almost certainly has no idea what other deals/offers Gold has made to third parties, but has heard the rumors i would guess, and wants to protect his 'half'. The corporation crap to offset any tax liability is a nonsense as others have stated.

Sysvr4 · #74 08-26-2006, 07:58 PM

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Filing schedule C would be the dumbest thing they could
ever do. Would have to pay self-employment tax.

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True, but there is a limit on the total taxable amount due for FICA and Medicare and they are fairly low. Medicare is the highest at something like 2% of 82k. I don't remember the exact figures and I'm too lazy to look it up.

Additionally, you get a before AGI deduction for half of your SE taxes paid. However, with the Sch C he can deduct ordinary business expenses, and if he reports directly to the other income line of his 1040 he cannot.

I think the SE tax liability in his case would be negligible. Someone correct me if I'm wrong... IANAL.

NCAces · #75 08-26-2006, 08:07 PM

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Exactly. If those tapes exist, then Gold is going to lose this lawsuit and go down in history as the biggest scumbag to ever hold the title of World Champion.

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Um, you may want to review a list of past champions.

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Nobody has mentioned anything about the most interesting post of this thread.

explanation please? i hope doyle cheating on taxes isn't the best you can come up with.

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Does pedophilia work for you?

NCAces

Gamblor · #76 08-26-2006, 09:48 PM

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Exactly. If those tapes exist, then Gold is going to lose this lawsuit and go down in history as the biggest scumbag to ever hold the title of World Champion.

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Um, you may want to review a list of past champions.

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Nobody has mentioned anything about the most interesting post of this thread.

explanation please? i hope doyle cheating on taxes isn't the best you can come up with.

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Does pedophilia work for you?

NCAces

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Amarillo wins by a not-so-Slim margin

maurile · #77 08-27-2006, 04:58 AM

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My understanding is that Gold was waiting to cash in so that he could set everything up to claim prize money in the most tax-efficient manner then Leyser became impatient (not that I would be patient with that much money at stake with someone I hardly know).

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Gold can wait as long as he wants to withdraw his own money. That doesn't mean he has the right not to instruct Harrah's to release Leyser's half to Leyser.

maurile · #78 08-27-2006, 05:01 AM

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I didn't realize that Gold and Leyser have only known each other since July. If that's the case, I assume that they're both just covering their asses and nothing more.

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Gold was clearly trying to wiggle out of his deal. That was obvious before Gold released his statement, but it's even more obvious now. Notice that Gold didn't say he planned to pay. He said he planned to fight Leyser in court.

maurile · #79 08-27-2006, 05:01 AM

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We haven't heard Jamie or Jamie's people say that he (Jamie) does not intend to pay Leyser.

What I took from the PR statements was that Jamie wanted to settle the matter with Leyser without bringing in legal representation.

I never got nor do I have the impression (for the time being) that Jamie intends to stiff the dude.

I think we should wait and see how it plays out before we add this as another nail in Jamie's public opinion coffin.

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Yea settle = pay less than he owes.
If he intends to pay, then pay and the lawsuit is over.

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Exactly right.

maurile · #80 08-27-2006, 05:03 AM

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But Gold actually made it BIG. How on Earth does this justify a $6M payday?

If this is how it went, it's pure greed and makes me feel pretty sick.

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Right on! I agree. Another thing I've been wondering, why the hell was Harrah's going to pay this gold digger dude 12 million dollars in the first place?!?! For what? For a few days of work?

Come on, I've never seen a greed like that. A normal guy would be happy to get a thousand or two for his troubles. I say, pay them both five grands and the initial investment and they should be thankful and happy. If not, to hell with them! (The same goes with all the lotto winners etc. greedy bastards.)

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Awesome post!