Collection Thread #2 for "Granny Goes To Vegas!"

[Inthacup]

Mike, I haven't been keeping up over the last few days and I don't feel like reading that absurdly long thread. I want to buy 3 shares at $40. Just want to double-check and make sure 3 shares is ok. lmk and I'll send the email.

Cup

[Mike Haven]

Please feel free to buy three shares.

This goes for anyone else, too.

There is a brake fitted so that when the total of transfers at Truepoker reaches $7000, no more will be accepted without Granny's express permission. (Granny may ask for certain, ahem, let us call them, "favours" to grant that permission - but I don't want to know about what Granny does in the privacy of your bedrooms.) At present, we are at about $4500.

[CRF250X]

I sent an email to True Poker. I'm just waiting for them to transfer the $40 to Granny.

CRF250X

[BUD]

I just sent the e-mail for 3 shares. Thanx for the opportunity. And sorry it took so long. This is my excuse and a guilt trip/ motivator to Granny ; Being a good 2+2er i had to sign up for a rakeback and the create the account which failed on saturday and then since i have been running poorly @ poker i put my whole bankroll on our horse's shoulders (lol just kidding with that part). Go get em Granny!
bud

[Mike Haven]

I'm using my "Loc" (under my name to the left) to display how many Granny-shares have been bought. 120 for $4800 out of 175 for $7000 available, as I write this post.

[siccjay]

I'll try to get signed up tonight.

[StacysMom]

[ QUOTE ]

(That is, for every $1,000,000 Granny wins, each Granny-share returns $4,000, less tax.)


[/ QUOTE ]

Not that its relevant atm, not overly likely grannie will money the evnet. However, wouldnt the proper way to deal with taxes just have granny send the 4K, deduct that from her earnings, and to each their own to pay for taxes. This seems better as I'm sure Granny is in a higher tax bracket than myself.

Just a point to note, I'm not trying to start a heated arguement nor do I feel very strongly on the issue... (no flame wars should insue from this post!)

[Thythe]

How do taxes work in a group buy type of deal? I really have no idea. Another question, say that a group wins the lottery for an estimated 10 million before taxes. Will the total taxes on this buy be more if there is 1 person in the group versus 10 million people in the group? Or will it be the same?

[GrannyMae]

[ QUOTE ]
How do taxes work in a group buy type of deal? I really have no idea. Another question, say that a group wins the lottery for an estimated 10 million before taxes. Will the total taxes on this buy be more if there is 1 person in the group versus 10 million people in the group? Or will it be the same?

[/ QUOTE ]


the answer to the tax part is something that is still being worked on and will be finalized with all of the investors if this goes off.

i can say this as a generalization. investors will probably have the choice of me paying the taxes for them and them getting the actual net, or me issuing them a 1099 after the event.

for each individual investor, they would simply decide which route they want to go *before* the tourney.

i'll be sending a private letter to all shareholders once the kitty is "closed" that will explain it all. each person will be responsible for their own taxes. if they want me to pay them and send them a net check i will. however, if i get lucky and cash BIG, my tax bracket will be higher than yours so you may want to go the 1099 route as it may net you a bit more.

as i said, all will be 100% kosher, and all will be explained privately to you guys.

hope that helps some

[maryfield48]

Mike, great job you're doing here.

I did the first share on the weekend. I even got an acknowledgement from True Poker Marketing.

I want a second share. Should I just repeat the process, in which case I will have 2 requests in, each for one $40 share? Or what?