WSOP Position on Form 5754

WSOPRGUY posted this 08 May 2015

The instructions to Form 5754 provide that the form is to be prepared “only when the person receiving gambling winnings subject to reporting or withholding is not the actual winner or is a member of a group of two or more people sharing the winnings, such as by sharing the proceeds of the same winning ticket.”

While we understand that WSOP participants may enter into a variety of arrangements with third parties concerning (1) the financing of the initial buy-in and (2) the sharing of proceeds from the tournament, it is our view that the “winner” is unambiguously the individual that participated in the tournament. Poker is both a game of skill and chance. In the situation posed by the form instructions, i.e. – a group of people sharing a winning ticket, the ultimate winnings were not dependent on the skill and talent of the person receiving the winnings. By contrast, an individual that provides the front money for a poker player is less the winner of a poker tournament (requiring a W2-G) than the beneficiary of a speculative financing arrangement or partnership agreement, which necessitates different filing requirements with the IRS.

Moreover, our terms and conditions provide that (1) no teams, substitutes, transfers, or assisted play will be permitted and (2) prizes are nontransferable. Accordingly, our terms and conditions specifically prohibit the hypothetical of more than one individual being designated as the “winner” of a single poker payout.

U.S. tax law provides a variety of avenues by which individuals may report their taxable income to the IRS in a manner that conforms with the underlying economics of their agreement. Players are advised to consult their tax advisors to determine the best course of action that suits their individual circumstances.

Order By: Standard | Newest | Votes
johnshowbox posted this 23 March 2017

Thanks for the detailed information. Please try the Showbox application here. Visit this source for downloading showbox updated apk file on Android.

cinembox posted this 05 September 2017

I just want to say thanks to the one who recommended the website; it’s been very helpful to me. And now and I’m happy.Download latest version Cinema box for pc to watch all latest movies for free

janesam posted this 16 February 2018

You have provided good information, thank you so much. Apart from the above two choices, there is another app called movie hd app. You can get the moviehd apk for android and pc. Download the movie hd working apk latest version for android. Install the hd movies apk to enjoy your time with your favorite stuff. Hoping to see more posts from you like this and thanks.

linkbuild50 posted this 14 July 2018

Thanks for the detailed information.MyKFCExperience Survey is an Intermediate amongst organization and customers for reviewing and feedback.