AllInAt420 - Harrah's (Atlantic City) - 2010 WSOP Circuit - 10k Regional Championship - NL Holdem

As an added value bonus, I’ve decided to combine the ideas of hussainsajwani, rwestover, and DIAMONDxxx. If I cash in the event I’ll be randomly selecting one investor from this event, and that person will have the opportunity to play me heads up to win a 50/50 stake in the Sunday Million.

Nice Special Matt. Glad to see you came here. GL with the Site. Ok if I put you in for Featured player? PM me.

Good call KYA. It only seems fitting that Matt is in Feature Player. GL Matt, will purchase some as date gets closer.

Scott/kickyourace – Yes, for sure. Not sure what I need to do or what it entails since I’m such a newb here but we’ll talk. Thanks!

Its exciting to see another one of the world’s best poker players offering shares at ChipMeUp.

Check out Matt’s stats, because they are pretty impressive.

LOL thanks admin =)

Hey Matt,

Welcome. Any info regarding taxes for this event?

Thanks for the welcome, rwestover.

I hadn’t really thought about the taxes for shares this small to be honest, so I’m glad you brought it up. I do pay my taxes, so it’d be an issue but probably would only need to be reported on my end if an investor made thousands of dollars investing in my tournaments over the course of a calender year.

In these cases I would issue a 1099 form stating to the IRS that x amount of my winnings were paid out to the investor. The investor would still be able to write this off on their taxes with other losses, though.

I’ll try to come up with a formula, but for this tournament (since my last on CMU.com for 2010 most likely) I’ll guarantee that I won’t issue 1099s unless an investor profits more than $2k on my winning in this tournament.

I’d also like to note that I will never, EVER try to lower the amount paid out to an investor and claim that it’s to pay my taxes. That’s just bad business imo.

taking a % off the top is the only way its been done here so far, and mainly cause we dont know any better ways. so i wouldnt call it bad business in most CMU cases, but its something that needs to be established on this site(however we do it). id obv like to see this addressed even though its a small % that list any live events. could be a big difference in money, but i wouldnt know.

p.s. i met a guy at a venetian deepstack that talked alot and claimed to know u from a “madison game” with dirtyriver and some others(obv i forgot his name). anyhow, just thought it was funny timing that u showed up on CMU a few days later again. smallworldements! TID!

remainameless – I call it bad business because when people claim they’re taking $ out for taxes, they frequently take about 1/3 of the gross winnings. However, the player will often only end up owing a small fraction of what they’ve withheld to the IRS. This is obviously because a player pays only on his net profits, not of gross winnings.

For example, I know someone who sold off a lot of shares privately to friends for a $10k WPT event. He made the final table. When he was paying everyone out, he only paid them 65% of what their shares were supposed to pay out. He claimed that he was witholding it for taxes, but he had so many tournament and expense write offs at the end of the year that he didn’t owe a penny to the IRS. He also forgot to notify the shareholders and return this tax money.

I’m not saying that I think anyone who has witheld taxes on this site is shady/not reputable or anything, especially if they DID pay said money to the IRS. However, I definitely maintain that I believe it’s bad business for this reason. Filing 1099s would be considered the correct and legal way to go about it.

I suppose that if an investor made >$2k with me and were highly opposed to having a 1099 filed we could come up with a fair amount for tax witholdings, but I’d much rather do 1099s so that there’s no question about fairness and because I do my best to keep my tax returns completely correct and legitimate.

withholdings*

could u refer me to ur acctant plz ;) … cya in AC

Best Of Luck, Matt!!!

Thanks Ken!

And thanks to Tony G for picking up 200 of the last available shares!

Jeff – in case you were serious, Russ Fox rcfox@claytontax.com

Just let him know I sent you. =)

Stay focus and good luck!! :)

gl

Matt Stout – http://www.wsop.com/tournaments/chipcounts.asp?...

arg I hate the wsop f’ing chip updates… easiest thing to do to get on peoples table is give all the reporters an i-pad… make a card reader for each position at the table, have it update every 5 mins.. if the card is outta the slot you know that person’s gone. and then it should then update all the i-pads… actually very easy to come up with for the next series… just gotta put a tiny bit of cash into it

Ended day one with just over 26k at 300/600. Peaked at around 50k and was well above starting stack the entire day until literally the last hand of the night.

RTKabuto – I’ll post updates each break at www.twitter.com/mattstoutpoker and www.facebook.com/allinat420

I’d also note that I’m pretty disappointed in the turnout for this this tournament and expected it to be much bigger. =/

like to note*

I’m actually not totally suprised cause today was the end of the 2 day mini… the ME of the mini ftops, the 1mil guarentee on tilt, and others too… so it’s a big day there. Plus it’s one week before x-mas so maybe some may be trying to do the last min gift shopping etc too

GL for day 2 man.

Day 2 Seat Draw

Table 22
Seat 1: Dean Schultz – 20,775
Seat 2: Bryn Kenney – 61,900
Seat 3: Darren Elias – 1,350
Seat 4: Josh Spiegelman – 30,450
Seat 5: Matt Stout – 26,075
Seat 6: Trevor Savage – 40,750
Seat 7: TJ Cloutier – 26,600
Seat 8: Eric Haber – 18,200
Seat 9: Alexander Queen – 16,100

Thanks again admin! =)

Definitely true factors RTK. Was unaware that miniFTOPS was going to conflict and originally thought the Xmas time date might actually help the draw, but in hindsight I guess I should have realized that it’s basically an extra week that amateur players would have to take off from work to show up.

gg Matt

Sigh… bustout hand was a really weird hand vs Vanessa with a lot of factors. Losing 100k pot all in pre with AA<TT was brutal too, but I did get lucky with AQ>KK to bust Shulman.

Thanks to all the investors. I’ll be putting some of that CMU cash backing into the community soon, and hopefully shipping the next tournament I sell in. =)

Bustout hand was a really weird hand vs Vanessa Selbst with a lot of factors, but lost with AKo to her J8o in a 3bet pot. Lost 100k pot all in pre with AA<TT, but did win an 80k pot with AQ>KK to be fair.