WPT Backing - CSC

[CardSharpCook]

Inspired by Sirio and encouraged by others, I've decided to try selling shares of myself to WPT events. Shares will include travel expenses, but not a players share. To be clear, the only profit I make is from money I invest. My benefit in this is decreasing variance and decreasing cost of travel. However, I will pay the taxes on any winnings. That is, I will be reporting this as 100% my win, and will take out taxes accordingly. Done this way, you will not have to be any additional taxes. To see if this idea takes, we're going to start with this up-coming *Legends of Poker* event. For this event, there is no cost of travel. I have already purchased my seat for $5150. I will be selling $25 shares and encourage investors to buy as many as desired. For this event, there are 206 shares available.

A little about me....

I have cut down the number of MTTs I play significantly. I am a professional limit player logging 5K hands a day at the 15/30 and 20/40 tables. I played 7 WSOP events, cashing in only one, though I finished in the top 20% 4 of those times (35% in razz [img]/images/graemlins/grin.gif[/img]) I have played in about 5 of the Legends events, cashing only once - but that was a 3rd place finish. I only plan to continue playing professionally for another 11 months. After that, it is either back to cooking, or possibly a stint in the Peace Corps - still thinking about that (and if anybody has some personal anecdotes about the PC, I'd love to hear them). For this year, I hope to live the poker life to the fullest. That is, I want to travel to all the events. I am playing poker to build capital. Some day I may open a restaurant, buy a house, or go back to school - who knows. However, the WPT would be, for me, more about the wonderful experience. I make what I consider to be an obscene amount of money from the limit tables, and I see time spent at MTTs as an opportunity cost. That is, I'd make more money if I just stuck to limit tables. However, I certainly believe that I am a +EV MTT player. I'm not going to venture a guess at just how +EV I am.

Final note, I sold shares of myself to family and friends for the 7 WSOP events ($75 share received a $17.44 rebate). I wrote detailed and fun tourney reports for each event. These were well-received - "it was worth it just for those reports, Brendan!" I will do the same for these, sending emails to the investors.

Thanks for taking the time to consider this proposal.

Brendan Taylor

[TheTimeIsUp]

Count me in.

[A_PLUS]

me too

[sirio11]

[ QUOTE ]
However, I will pay the taxes on any winnings. That is, I will be reporting this as 100% my win, and will take out taxes accordingly. Done this way, you will not have to be any additional taxes

[/ QUOTE ]

CSC: What do you mean by this?

Lets see, suppose you have 100 shares, and you won $1,000,000; and have to pay 300,000 in taxes. What is the value of the share for the investors:

1,000,000 / 100 = 10,000

or 700,000 / 100 = 7,000

By the way, I'm in. Hope to see you over there in the Legends.

[IHateKeithSmart]

me three

[CardSharpCook]

Sirio, that was what I was thinking, but thinking it through a little more... It only matters if I make a signigicant amount of money. I don't want to be stuck with a huge tax burden. However, if it is a significant amount of money, you may have to report it anyway.... So I think it is best to leave it as, "We'll figure it out when we get there".

So - if I finish ITM, you'll get (Prize * #of shares / 206). If I make the FT, we'll figure it out. Just for the final table do we worry about taxes. I think that means everyone gets a W-6???? Not sure, but we will figure it out so that I am not screwed paying money on winnings that don't come to me and so that you are getting your fair share of the win.

CSC

[ansky451]

I'm in (probably.)

[tom441lbk]

where do i send the money?

[CardSharpCook]

You can transfer money via Pokerstars to Chk/RzChuck or on Empire to GoTheDstnce (Brendan Taylor). Also, PM me with your email address if you'd like to receive the tourney report. I'll write one for each day (lets all hope there is more than one report). The event starts on the 27th, so as long as the transfer is made before 4:15 PST on the 27th - you're in.

CSC

[Skjonne]

A piece of that please