Jamie Gold Responds to $12 M WSOP Lawsuit

[maurile]

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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.

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It's a lot simpler than that. Gold doesn't claim $12M. He claims $6M because that's how much Harrah's pays him, as would be reflected in the information Harrah's provides to the IRS. Harrah's would pay the other $6 million to Leyser.