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To: dirtymac
look up verbal contract, which btw are binding His friend could take him to court and would win.

I know all about verbal contracts. The problem with verbal contracts is there is only oral evidence of the agreement. If the parties disagree about the terms, it's difficult to enforce an oral contract. In this case, his friend got half the winnings. Why would he sue? It's the IRS that would possibly question the arrangement and argue that there was no contract if it determined it was a tax dodge. Happens all the time.

46 posted on 07/24/2020 5:01:49 PM PDT by KevinB (Quite literally, whatever the Left touches it ruins.)
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To: KevinB

IRS will most likely make him pay the entire tax because he received the money, a taxable event. He can then split it with his buddy, with whom he has a binding agreement.


47 posted on 07/24/2020 5:38:54 PM PDT by dirtymac (Now is the time for all good men to come to the aid of their country.(DT4POTUS))
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