[mhcmarty]

I have read where Raymer had a group of investors backing him for a specific period of time. And that MoneyMaker had his Dad and friend invest in his WSOP entry.

I am putting together a few WSOP event satellites where the final 5 of each satellite will have a vested interest in the results of the satellite winner. We are trying to avoid a winner take all situation.

I am trying to figure out the tax ramification should our group entries make significant prize money. The person winning the prize money would obviously be taxed, but would the people he had to pay also be taxed based as a gift tax?

Would there be a way to create a limited partnership to avoid the 2nd tax.

Would the WSOP be able to except a tax ID # from a limited partnership?

Any ideas?