Cabo's Hangover........

[Auto Donk]

now the real pain for having won the WSOP promo starts.......

the 10K is taxable income, so now, assuming a .28 - .33 tax rate, Mr. Cabo owes the us govt about $2800 - $3300 in tax debt. and the f'd thing is, as he's not a "professional" gambler, he's not even legally entitled to deduct his travel or other misc. expenses against that ten k in income........

ouch........ either he's now in debt as a result of winning the promo, or a potential tax cheat........

[SharpAngles]

[DiggityDaggityDo]

Fuk taxes.

Cabo do like the Diaz brothers and dont pay them.

[SharpAngles]

Is SBR submitting a 1099 to the Feds? Do they need to operating in a foreign country? A couple serious questions for Señor Cabo that I hope he asked before signing the contract. Which I notice they were sure to record him signing which isn't wierd at all

[SharpAngles]

Exempt prizes

A prize may not be taxable if it meets certain legal tests. To be tax-exempt, the prize must be in recognition of personal achievement in religious, scientific, literary, artistic, charitable, educational or civic affairs. You cannot have nominated yourself for the prize or submitted your own work for review. You can’t be required to perform services as a condition for receiving the prize. You cannot claim the prize for yourself but instead must assign the prize to charity. If you assign away the prize, you don’t get a charitable donation deduction. All these tests must be met to avoid tax on the prize.
References (7)


If I'm Cabo I'm telling the taxman that I was recognized as a top 50 player here and awarded the seat because of my artistic play. I then decided to donate the buyin to the prize pool of the ME and won't be taking a deduction for that generous act. Pretty solid IMO.

[playersonly69]

Cabo doesnt have to pay taxes on his win. Mainly because his entry was basically SBR's entry of which he had a certain %.

I mean he was almost never In possession of the cash

[Triple_D_Bet]

Heh, none of those defenses are gonna hold up. Almost certain to be found liable for taxes on it as it has an easily defined value. Considering the fed's hypocritical and unethical actions in denying people the right to gamble (and many other things), I wouldn't feel a second of remorse in not giving them any taxes on this though

Congrats on your WSOP cash PO

[Auto Donk]

Cabo doesnt have to pay taxes on his win. Mainly because his entry was basically SBR's entry of which he had a certain %.

I mean he was almost never In possession of the cash

possession of the entry fee itself irrelevant; he won it, and played it.... the ten k of taxable income is the value of playing the event, not handing it over to the people at the cashier's cage..........

also, quite certain the trny entry receipt didn't say "sbr" on it, but rather had "senor cabo"

if sbr doesn't report the taxable event (highly probable), then it's up to cabo's conscience........ as for the likelihood of the irs finding out about in the absence of self reporting or sbr doing so, chances are, as bob deguerin said about bob durst's chances of being granted bail, "slim and none, and slim just left town."

[Auto Donk]

Fuk taxes.

Cabo do like the Diaz brothers and dont pay them.

fuk the fukin' Diaz Brothers...........

[rm18]

It is not 10k because he did not have 100% of himself he had like 25 or 30% I forget which.

[cankid]

He pieced himeself off to who?

[astro61200]

Exempt prizes

A prize may not be taxable if it meets certain legal tests. To be tax-exempt, the prize must be in recognition of personal achievement in religious, scientific, literary, artistic, charitable, educational or civic affairs. You cannot have nominated yourself for the prize or submitted your own work for review. You can’t be required to perform services as a condition for receiving the prize. You cannot claim the prize for yourself but instead must assign the prize to charity. If you assign away the prize, you don’t get a charitable donation deduction. All these tests must be met to avoid tax on the prize.
References (7)


If I'm Cabo I'm telling the taxman that I was recognized as a top 50 player here and awarded the seat because of my artistic play. I then decided to donate the buyin to the prize pool of the ME and won't be taking a deduction for that generous act. Pretty solid IMO.

SBR Poker is for educational purposes. He won a field trip to Vegas to study.

[rm18]

He pieced himeself off to who?

i meant sbr had 25 or 30% of him so had like 70-75% actually