Greg's 5 million - how much will he get ?

[Tosh]

A large percentage to tax and backers, how much of his winnings is Greg likely to see ?

[CountDuckula]

[ QUOTE ]
A large percentage to tax and backers, how much of his winnings is Greg likely to see ?

[/ QUOTE ]

He had backers? I thought Stars covered everything for him, since he won his seat there.

As for tax, it depends on his situation, but I think it would probably run about 45% of the total. So, I'm guessing he'll end up with around $2,750,000 of it.

-Mike

[KidParty]

Lets say Greg sold 50% of his action....Does he just write off what he pays his backers...How does the IRS deal with that situaltion...I would hate so see him get screwed over....I am sure though Poker Stars will give him a nice contract and he'll be doing the talk show circuit and such.

[Frozen]

Conn. residents are taxed a 5% state income tax.

Worse than most states...

[Tosh]

Obviously Greg makes a lot in various other deals too because of his win, its just interesting to wonder how much of the prize gets cut out.

Apparantly he got backers a year or so ago but I don't know any specific details, I assume they all get a certain percentage.

[RiverMel]

There is a specific IRS form #5754, “Statement by Person(s) Receiving Gambling Winnings,” that would allow a player to report to the IRS “gambling winnings either for someone else or as a member of a group of winners."

I'm sure Greg is either up on this or will hire an attorney who knows his shizzle.

[Ulysses]

Greg will get (100%-%IRS&State tax)*$5M*(% he has of himself in backing deal).

So, if the IRS and state take 100% or he has 0% of himself in the backing deal, he will get ZERO! DAMN!

[Jimbo]

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A large percentage to tax and backers, how much of his winnings is Greg likely to see ?

[/ QUOTE ]

$997,500

This is figuring that Greg gets 35% of his action, files a joint return and is liable for the 5% State tax mentioned above. Any other questions?

Jimbo

[Tosh]

[ QUOTE ]

Any other questions?


[/ QUOTE ]

Whats the meaning of life ?

[Jimbo]

[ QUOTE ]
Whats the meaning of life ?

[/ QUOTE ]

You are asking an atheist this question? Best as I can tell it has no actual meaning, it just is. Next!

Jimbo

[Tosh]

[ QUOTE ]
Next!


[/ QUOTE ]

If I have 4 apples and 2 caramel cakes and my uncle's best mate's cousin has sex with my favourite giraffe. How much is a packet of sugar in Tanzania ?

[Jimbo]

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If I have 4 apples and 2 caramel cakes and my uncle's best mate's cousin has sex with my favourite giraffe. How much is a packet of sugar in Tanzania ?


[/ QUOTE ]

Before or after June 9th of 2000? On that date 4000 workers of the Kilombero Sugar Company in Tanzania went on strike causing world sugar prices to fluctuate wildly. They have since stabilized but knowing exactly when your giraffe was sodomized is crucial in determining the correct price.

Jimbo

[Tosh]

I believe it was on the 45th of Geldoff, in a parallel universe where a coke addicted chicken became US president in the late 70s. Naturally, as I'm sure you know, the famous strike of the workers at the Kilombero Sugar Company didn't happen in this universe.

[Jimbo]

There is no such thing as a parallel universe. I am beginning to think you aren't serious.

Jimbo

[Tosh]

Hah next you'll be telling me there is no such thing as time travel or father christmas.

[thylacine]

[ QUOTE ]

[ QUOTE ]

Whats the meaning of life ?


[/ QUOTE ]

You are asking an atheist this question? Best as I can tell it has no actual meaning, it just is. Next!

Jimbo

[/ QUOTE ]

Religion is completely irrelevant to the meaning of life. So if anything it is more appropriate to ask this of an atheist that a non-atheist.

[Jimbo]

[ QUOTE ]
Religion is completely irrelevant to the meaning of life.

[/ QUOTE ]

For you to properly make this statement you must first know the meaning of life. I do, and therefore consider religion an integral part of the correct answer.

Jimbo

[thylacine]

Religion is meaningless. Life is not. QEFD.

[WSOPWinner2005]

I lay 2 to 1 odds there is a god,

I will hold all money until we find out in my neteller account.

Hey, you guys bet on everything else...

Takers, please PM me!

[CountDuckula]

[ QUOTE ]
Lets say Greg sold 50% of his action....Does he just write off what he pays his backers...How does the IRS deal with that situaltion...I would hate so see him get screwed over....I am sure though Poker Stars will give him a nice contract and he'll be doing the talk show circuit and such.

[/ QUOTE ]

Well, I still don't get why he'd need backers in this situation. He won his seat via PokerStars; weren't they picking up the travel, accommodations, and entry fee? Sure, I understand that if he had to come up with all of that himself, he'd probably sell shares to backers. But given that it was covered by PS...?

As to your question about the hypothetical situation in which he did sell 50% to backers, someone else already answered better than I would have.

-Mike

[Tosh]

I believe he took backers to give him a bankroll in general to play a while back.

[Army Eye]

He was backed. He spent a lot of entries on satellites before he won that shootout.

[umdpoker]

oh man, so that means the 23 yr old kid profited the most off the wsop this year. 3.5 mil. damnit, next year that will be me! anybody wanna back me? sure, i might be learning no limt right now, but within a year, i will be the greatest ever. so if you get in now, it will be a bargain! also, if you pay me extra, i will start a fight with dutch boyd. i am 6'2" 250, so it would be worth your money.

[Senor Choppy]

If he has backers, he can pay the IRS first, which is probably around 44%. Then with whatever he has left, divide up between himself and his lucky employers.

It's hard to imagine him walking away with less than $1 million even with all the parties with their hands out.