Fergwrx 2010 WSOP: Payouts will be PRE TAXED!!! NO EXPENSES!!!

Please Send for your shares on Pokerstars. Only send Full tilt if you absolutely cannot send Stars.

The Cut: I will be playing with a $30,000 bankroll. If less than $30,000 sells your profit % will increase according to the bankroll sold.
1% of profits costs $400 and I and selling a total of 75%. I will accept shares purchases as low as $20

$19,545 out of $30,000 still available


The Plan:This BAP will cover all of my Live action from May 29th through the WSOP main event. This will be the second time I have put in the full 2 month schedule in vegas during WSOP playing bellagio, venetian, and wsop events during and 2008 under Johnnybax and sheets.

This will cover up to $2,500 buy-ins unless the bankroll is over $50,000 (Will be voted on throughout the summer depending on the BR size but the majority of investors will always have the final verdict). Most events I play will be $500-$1,500, but WSOP events will be the main focus I will not miss a WSOP buyin under $2500 for another event in any other casino.

Semi-planned schedule: (i do not want to be held accountable for all tournaments listed because of day 2's and FT's but here is a good idea of what I will play.):

Sat, May 29th
12:00 PM
4-Day Event Event #3: No-Limit Hold'em $1,000

Mon, May 31st
12:00 PM
3-Day Event Event #5: No-Limit Hold'em $1,500

Wed, Jun 2nd
12:00 PM
3-Day Event Event #8: No-Limit Hold’em $1,500

Fri, Jun 4th
12:00 PM
3-Day Event Event #11: No-Limit Hold'em $1,500

Sat, Jun 5th
12:00 PM
4-Day Event Event #13: No-Limit Hold’em $1,000

Mon, Jun 7th
12:00 PM
3-Day Event Event #16: No-Limit Hold’em / Six Handed $1,500

Sat, Jun 12th
12:00 PM
4-Day Event Event #24: No-Limit Hold’em $1,000

Mon, Jun 14th
12:00 PM
3-Day Event Event #26: No-Limit Hold'em / Six Handed $2,500

Wed, Jun 16th
12:00 PM
3-Day Event Event #30: No-Limit Hold’em $1,500

Sat, Jun 19th
12:00 PM
4-Day Event Event #36: No-Limit Hold’em $1,000

Mon, Jun 21st
12:00 PM
3-Day Event Event #39: No-Limit Hold'em Shootout (2,000 player max) $1,500

Wed, Jun 23rd
12:00 PM
3-Day Event Event #42: No-Limit Hold’em $1,500

Fri, Jun 25th
12:00 PM
3-Day Event Event #45: No-Limit Hold’em $1,500

Sat, Jun 26th
12:00 PM
4-Day Event Event #47: No-Limit Hold’em $1,000

Mon, Jun 28th
12:00 PM
3-Day Event Event #49: No-Limit Hold'em $1,500

Thu, Jul 1st
12:00 PM
4-Day Event Event #54: No-Limit Hold’em $1,000

Fri, Jul 2nd
5:00 PM
3-Day Event Event #56: No-Limit Hold’em $2,500

On the OFF days from WSOP events, I will play whatever < $2500 tournament (mostly $1000 and under events at the venetian and bellagio) that I think is the most +EV for this plan.




Expenses: NONE I WILL COVER ALL EXPENSES!!!

Taxes: Here is how I will be doing taxes...for every cash I will submit this form...form 5754- http://www.irs.gov/pub/irs-pdf/f5754.pdf . And at the end of 2010 I will issue you form 1099- http://www.irs.gov/pub/irs-pdf/f1099msc_08.pdf

Anyone who wants their money pre-tax, all they have to do is furnish me with your personal information (name, address, taxID). and I will fill out those two forms. For anyone who doesn't want to provide that info, I will withhold 25% of your shares profits to cover the taxes.

How can you track me?
I will scan every buy-in ticket to show every event I play and I will update status on twitter every break at andrew ferguson (fergwrx) on Twitter

Live Poker Experience:
In 2008 when I played the WSOP and several bellagio and venetian events I had 3 WSOP cashes, and 2 bellagio final tables. So, lets make this summer huge!! I have alot of live poker experience in cash games and tournaments. I use to play 5/10 and 10/20 almost everyday when I lived in LA at commerce, and play cash on the side at almost every tournament I go to. I have played several EPT's, Irish poker open, all NL events at 2008 WSOP, several venetian tournaments, caesars tournaments, and bellagio tournaments.

Also, this past april I absolutely dominated the Mohegan Sun $5,000 main event each and every day until my awful run on day 4 for a 14th out of 718 entrants for $29,000.

Online Poker Results:
Stars OPR: Official Poker Rankings - Poker Ratings, Poker Results and Statistics
Over $150,000 profit

FTP OPR: Official Poker Rankings - Poker Ratings, Poker Results and Statistics

UB pokerdb:
Online Tournament Results - Poker Rankings - thepokerdb - Poker News - Bluff Magazine
Over $200,000 profit



Other Features or Highlights about my poker career:

Here is link to my Final Table Takedown article in cardplayer, and Generation next interview which were both featured online and in the magazine:

Final Table Takedown -- Andrew 'fergwrx' Ferguson - CardPlayer.com


Generation Next -- Andrew Ferguson - CardPlayer.com

What exactly do you mean by pretaxed?

I will not take a % out for taxes from your share of profit for those who want me to fill out the provided tax form above. If you do not wish to do that then 25% will need to be withheld since that is what I will have to pay and then you will have to pay taxes on your payout as well.

So, doing everything pretaxed and sending out 1099's just prevents you from being double taxed.

You only have to pay taxes on the percentage you have yourself. At least, thats what I heard from everyone else selling shares on 2+2.

If you can confirm this, I'd like 2 shares of $20, pending references.

correct but you have to fill out form 5754 if you have investors otherwise there is no way to prove that you received investments. If I do not fill out form 5754 for investors I will be responsible for paying tax on that profit because the government will have no proof of an investor.


Is this wrong? This was my understanding anyways.

I wouldn't know mate, I'm not from the US. Haven't heard anyone about forms for investors so far, but then again I'm not an experienced buyer of WSOP shares.

here is a post from another forum somebody made reassuring this. Let me know if you have concerns about it...

"Ferg wins $1000000
no stakers Ferg either pays the casino $250,000 or ferg exempts and pay his taxes

You back Ferg as the only backer

Ferg has winnings of $1,000,000
Ferg takes $250,000 of top for the irs, sends you $375,000
you have $375,000 in gambling winnings you owe tax on at your tax rate
Ferg has your tax id, Ferg Sends you $500,000, you pay tax on 500k

Look at it this way, buy into this bap, Ferg will let you send the tax stuff to his accountant if you want, Ferg sends you wininngs! Now that you see you can earn more"

Reserve 3k for me or the max I can get while sending fulltilt.

Just wondering though, what will the IRS do with foreign tax ids?

I just had this same question I am going to have to do some research on this as well.

harrah's wont do the 5754 but at the worst you should be able to get w9s and letters from investors saying they're paying taxes on their shares and you'd presumably be covered for the IRS (but IANAL)

pretty confused how the payouts/'roll' work

can you give some example results and how much people would get back in each case?

potentially interested in 2%

FWIW, Ferg is a good, honest kid.

Best of luck to all,

Bax

Any europeans here that could clarify some of these tax issues?

For example If you buy 2% for $800 you will get 2% of the profits. But stakeback will be paid before profits so if I cash for a total of $60,000 you will get $800 stakeback and $600 profit

you can take whatever you want I just prefer ships on stars. If you have full tilt I am not going to limit you. I just find it easier to cashout on stars, but if you paying on full tilt means investing more im more than happy to accept FTP

This is still a little bit unclear to me, but potentially interested in 3%

sorry I was unclear how you guys figure the payouts im use to just designating a total % im willing to give up and chop up shares accordingly. But, using 2+2 system it is 1 divided by .75 since i want to play for 25%. Meaning the markup would be 33%.

im intersted in some maybe 2-4%. im british and dont pay taxes... but may on this?

Just to clarify a little bit more on how I will do taxes. Harrahs does not accept 5724's, so I will just issue 1099's which is essentially the same thing to not get double taxed. Also, when I get a big score I will just talk to harrahs about it and see what they accept because w9's would be fine as well.

I really dont know how it works for foreign backers because before it was really easy but now everyone has been having foreigners signing for their money as "backers" to get tax free winnings and i think the restrictions have tightened up since then.

Either way I am willing to do whatever is in the investors favor.

so some hypotheticals cause I still dont get it.
If I buy 1% for $400, how much will you send back to me at the end if:

you play $20000 in buyins and cash for $0
you play $30000 in buyins and cash for $0
you play $40000 in buyins and cash for $0
you play $20000 in buyins and cash for $50000
you play $30000 in buyins and cash for $50000
you play $40000 in buyins and cash for $50000

thanks

stars does not like u to cash out directly after transfers. in my recent experience.

It goes by what bankroll we start with, so for example if I only raise $20k your $400 would now be worth 1.5% instead of 1%. And the payouts will be calculated upon the ending bankroll so if we start with 20k and end with 50k you would get your stakeback of $400 plus $450 profit(1.5%*30,000)

If the bankroll starts at $30,000 and ends at $50,000 you would get $400 back +200 profit(1%*20,000) since at a $30,000 bankroll and 33% markup $400 gets you 1%.

If the starting bankroll is $20,000 and ends at $40,000 a $400 investment gets 1.5% and you would get $400 stakeback+ $300 profit (700 total)

If the starting bankroll is $20,000 and ends at $50,000 a $400 investment gets 1.5% and you will get $400 stakeback + $450 profit ($850 total)

I cannot guarantee what the total amount of buyin's will be because I just have no idea what tournaments exactly will be played due to overlapping tournaments. So, we just figure profits from starting bankroll and ending bankroll not by buy-ins. The final starting bankroll will be decided the day before I start the first event after we see how much has sold.

The only thing you need to look at is the starting bankroll ending bankroll. So if we start with 30k and end with $60k thats a 30k profit and a $400 1% investment would get $400 back and $300 profit ($700 total).

i play more than enough to cover the cashouts its only 15 vpp for every $100 you cashout.

bump