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The Poker Legislation Forum, Brought to You by the PPA Discussions of various poker-related laws and steps players can take to push for better laws.

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Old 10-15-2011, 12:31 AM   #61
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Re: Risky sites, the casualty loss, and possible implications for *future* play post-Black Frid

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Originally Posted by t_roy View Post
doesn't this all come down to whether or not money in a poker account would be considered a cash equivalent? I think that there is a strong argument that it would not be considered a cash equivalent in the current climate.
The argument that you could possibly make is that the money won in your poker account has not been constructively received by you. Whether or not it is a good argument may depend on the circumstances and in many cases likely depends on information most of us don't know. For example, maybe money won after Full Tilt was insolvent wouldn't count as income because it was not constructively received. At what point was Full Tilt insolvent? And that is a Maybe. Look into it if you want.



DISCLAIMER: This is NOT legal advice. Any advice I can possibly give is to talk to an attorney if you so desire.
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Old 10-15-2011, 12:39 AM   #62
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Re: Risky sites, the casualty loss, and possible implications for *future* play post-Black Frid

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Originally Posted by kagame View Post
Balance in your account is irrelevant period. It's not income until you cash it out. How anyone could argue anything else is beyond me. It is not actual $$$ in a poker account. Player funds are not even remotely segregated in this current climate. The money indicated in your balance MAY NOT EVEN EXIST. There is another side to this, offshore companies do not give records to the IRS.

The day that the US has nationally incorporated sites, where player balance figures are supported by our legal system, is the day I will treat my balance in any poker account as real money.

Constructive receipt is the rule. You can attempt to dispute your constructive receipt if you wish. However, just the mere possibility of you not getting the funds does not defeat constructive receipt. You need to come up with more than that.
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Old 02-02-2012, 10:25 PM   #63
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Re: Risky sites, the casualty loss, and possible implications for *future* play post-Black Frid

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