WSOP buying shares situation
I apologize if this is not the correct forum but i didnt know where to post.
Lets say you won an entry to the $10,000 main event at the WSOP. You are going to sell shares of yourself and lets say you sell off 70%. OK so now you make a great run and win $100,000, so you owe $70,000 to your backers correct? Well if I won $100,000 I have to pay at LEAST $33,000 in taxes if not more, so I cant even cover the shares I owe!
So do the people who buy shares get 70% of my post tax money? Plus, they will have to pay taxes on anything I give them, correct? So the money gets taxed twice? Not sure how you would resolve this situation, and I just wantd to hear some thoughts. Thanks!
--LoO
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