Andy Beal

[gobears 0]

Guess we won't see Andy Beal until he solves this little tax problem. $1.2B in losses from losing an investment of $20M - doesn't quite sound right...Forbes InformerHis Biggest Bluff of All?D. Andrew Beal, a Forbes 400 newcomer and banker/entrepreneur perhaps best known for his high-stakes poker play, is fighting a claim he reported $1.2 billion in bogus losses from investing just $20 million in junk Chinese debt. His Southgate Master Fund llc, co-owned with ex-Beal Bank executive Thomas Montgomery, is in its hometown Dallas federal court defending the tax shelter loss as legitimate or, because various professionals were consulted, at least undeserving of stiff penalties. Among other contentions, the Internal Revenue Service says the losses--from one of the biggest individual shelters ever challenged--violated partnership antiabuse rules, lacked "economic substance" and should be disallowed. The feds say Beal used $216 million of the losses in 2002 to cut his own taxable income to $75 million; how he used the remaining balance in other years wasn't detailed. A noted amateur mathematician, Beal, 55, was a centerpiece of Michael Craig's vivid 2005 book, The Professor, the Banker and the Suicide King: Inside the Richest Poker Game of All Time. --Janet Novack

[El Guapo 8]

Apparently he needs some muni bonds.

[BigLebowski 0]

Welcome to how the super rich conduct business.BG can fill us it on it when he gets the chance.

[SlapStick 0]

Guess we won't see Andy Beal until he solves this little tax problem. $1.2B in losses from losing an investment of $20M - doesn't quite sound right...Forbes InformerHis Biggest Bluff of All?D. Andrew Beal, a Forbes 400 newcomer and banker/entrepreneur perhaps best known for his high-stakes poker play, is fighting a claim he reported $1.2 billion in bogus losses from investing just $20 million in junk Chinese debt. His Southgate Master Fund llc, co-owned with ex-Beal Bank executive Thomas Montgomery, is in its hometown Dallas federal court defending the tax shelter loss as legitimate or, because various professionals were consulted, at least undeserving of stiff penalties. Among other contentions, the Internal Revenue Service says the losses--from one of the biggest individual shelters ever challenged--violated partnership antiabuse rules, lacked "economic substance" and should be disallowed. The feds say Beal used $216 million of the losses in 2002 to cut his own taxable income to $75 million; how he used the remaining balance in other years wasn't detailed. A noted amateur mathematician, Beal, 55, was a centerpiece of Michael Craig's vivid 2005 book, The Professor, the Banker and the Suicide King: Inside the Richest Poker Game of All Time. --Janet Novack

The corporation obv

[showstopper24 0]

Maybe he can borrow from Ivey.

[FatBurger 0]

Maybe he can borrow from Ivey again.

[dlingdling 0]

Maybe he can borrow from Ivey.

Maybe Ivey can borrow from BG to pay off his WSOP prop losses.

[showstopper24 0]

Maybe Ivey can borrow from BG to pay off his WSOP prop losses.

...and his Lakers bet losses.

[Balloon guy 158]

Apparently he needs some muni bonds.

Welcome to how the super rich conduct business.BG can fill us it on it when he gets the chance.

The answer was already posted

Maybe Ivey can borrow from BG to pay off his WSOP prop losses.

The day Ivey borrows money from me is the day I hire DN to cut my steak for me.

[chrozzo 19]

poor rich person