$8.25m WSOP Winner Jerry Yang Has Assets Seized By IRS

$8.25m WSOP Winner Jerry Yang Has Assets Seized By IRSIn 2007, Jerry Yang won the WSOP Main Event for a massive $8.25 million, but just six years later and the 46 year old has now had numerous assets seized by the US Internal Revenue Service, to whom he owes back taxes including a  federal tax lien for $571,894.
Jerry Yang originally qualified for the $10k Main Event in Las Vegas via a $225 satellite, and was then able to manoeuvre himself through a huge  6,358 player field to become a poker millionaire.
Years after his victory, Yang never stopped thanking his good fortune and exclaimed; “It’s still a bit strange. Every day I look at my bracelet and wonder if I am dreaming.” Unfortunately for Yang he will no longer even have that memento of his historic win as his WSOP winner’s bracelet has also been seized by the IRS, along with other items including thousands of dollars worth of jewellery.
At this stage, it is not certain how Jerry Yang ended up owing the IRS so much money, giving the size of his enormous $8.25 million win. However, it is likely he would have had to fork out a massive 43% of his winnings initially in taxes. This year’s WSOP Main Event champion Greg Merson, for instance, earned $8,531,853 but with an article on taxabletalk.com explaining:
“He’ll owe self-employment tax ($247,424), state income tax to Maryland ($469,252), and federal income tax ($2,976,850), for a total tax bite of $3,693,526. He’ll actually get to keep $4,838,327 (he’ll lose an estimated 43% of his winnings to taxes).”
In addition, Jerry Yang readily admits to not being the most skilled player in the game, and has earned a little over $150,000 in live tournament winnings since his defining win in 2007.
Jerry Yang’s foray into the restaurant business may not have gone so well, either. Pocket 8’s was the hand Yang won the Main Event holding and in 2009, the California resident paid $540,000 to open Pocket 8’s Sushi and Grill in Merced, California. However, it is as yet unknown if and whether Yang’s restaurant business ties in to his latest IRS troubles.
The auction of the 2007 WSOP Champion’s items is set for April 4th, 2013 with the location of the sale listed at Internal Revenue Service, 4330 Watt Avenue, Sacramento, California 95821.

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