Champion prize $150,000USD

I don't think that's how income taxes work. In your scenario, the person in first would be overpaying taxes, and the person in second would be committing tax fraud. Income taxes should be paid on actual income.

TheMarsMan said:
If they split it means that they are adding up 1st and 2nd money and splitting it. Which means whoever wins pays the other guy about 50K.

1st place 150K - 50K = 100K but still has to pay taxes on 151K, ends up with 40K after taxes.

2nd place 50K + 50K = 100K and only has to pay taxes on 50K, ends up with 80K after taxes.

Make sense now?
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arcstats said:
Anyone who doesn't realize that whoever is in the finals aren't splitting, simply isn't paying attention.
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You'd have to be stupid NOT to split. Sorry, I'm taking the guaranteed payday of $100K versus the maybe $150K or the for sure $50K.
 
vjmehra said:
Absolutely, ignoring the size of the prize, no snooker player would do that as they are governed very strictly by WPSBA rules and wouldn’t risk a ban (it could be construed as match fixing).

I’m surprised pool players (in pro tournaments) aren’t subject to the same rules...when betting is involved I would have thought it would be illegal at worst, unethical at best.
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You cannot bet on pool here in the US as none of the casinos will do it since the first time they were going to allow betting on pool, the pros got together and tried to fix the match. Casino found out the fix was on, once again, the pros shit the bed.
 
Forbin said:
I don't think that's how income taxes work. In your scenario, the person in first would be overpaying taxes, and the person in second would be committing tax fraud. Income taxes should be paid on actual income.
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So the guy who came second would be doing what the government does....
...sounds like a dead heat to me.
 
Just curious...did Joshua Filler get paid for his big win in China?
....or is the check still in the mail?
 
a portion of those winnings might be tax free depending on your regional laws and/or taxed at a lower rate than income tax,

-this is based off paying into a pool
-prize money vs income definitions
-gambling winnings laws

overseas "earnings" and "winnings" bring in more laws

i doubt china will take anything off the top, winner could easily and legally clear 80% with $500 paid to a decent tax attorney
 
jay helfert said:
Last I heard, he got stiffed!
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Oh, that’s okay...the WPA will make sure he gets paid....:rolleyes::rolleyes::rolleyes:

..uh, wait a minute, those are the guys who talked Canada out of a world 8- title...
...where everybody would’ve got paid.
 
wpa was probably in on it
thieving scum

they posted something on their site "scolding" the oragnizers

lol
 
Just to set the record straight, the casino didn't find out the fix was in for Lebron until AFTER the match was over, and the other pros had cashed in betting on Spanish Mike! THEN the casinos declared that betting on pool was a dead horse for them.

Scott Lee
http://poolknowledge.com

onepocketron said:
You cannot bet on pool here in the US as none of the casinos will do it since the first time they were going to allow betting on pool, the pros got together and tried to fix the match. Casino found out the fix was on, once again, the pros shit the bed.
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Sandcastle is having a qualifer with 64 players at $100 a pop. Flight and room paid for. If I had the money and time I would be leaning over the tables at Sandcastle billiards on November 19th.
 
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