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#1
12-03-2005, 09:54 PM
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Re: WSOP: Bubbling better than a weak cash?
Isn't the seat "constructively" received in the year that you win it? Also, I am just about positive that you only have to pay taxes on the fair market value of the seat if you sell it, not the "face" value of the seat.
Damn, I'm not looking forward to my federal income tax exam in two weeks! Mike 
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#2
12-03-2005, 10:02 PM
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Re: WSOP: Bubbling better than a weak cash?
[ QUOTE ]
Damn, I'm not looking forward to my federal income tax exam in two weeks! Mike [/ QUOTE ]No kidding
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#3
12-03-2005, 10:43 PM
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Re: WSOP: Bubbling better than a weak cash?
[ QUOTE ]
Isn't the seat "constructively" received in the year that you win it? [/ QUOTE ] using the "accrual method" of accounting, yes it is
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#4
12-04-2005, 03:03 AM
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Re: WSOP
How about if you qualified in a satellite? If it was something like a $39 on Stars, getting $7,500 after taxes would be a nice payout. Even a $1k satellite at the Rio would net you a $6,500 profit. I'd take the money in that case rather than the seat and risk getting nothing.
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