A public auction was reported by the PokerNews that was going to be held by the Internal Revenue Service of the U.S.
The auction featured the Corum watch and Corum bracelet watch. The same watch and bracelet that champion Jerry Yang received in 2007 for topping main event of the World Series of Poker Main Event.
Under the section 6331 of the Internal Revenue Code, the listing was posted “the property that is mentioned below has been seized by the authority because of the nonpayment of internal revenue taxes.” Moreover, Encumbrances notice has mentioned many tax liens against the player. This includes the $571,894.54 federal tax lien. According to the website of the IRS, “When you fail or neglect to pay the debt of tax, the federal tax lien claim the property, this is the legal claim of the government. This is the law that protects the interest of government in all your property; this includes personal property, financial assets and real estate.”
Jerry Yang commented on his this situation on the radio and said the following words, “When I won the prize amount, I donated 10 percent of it to various organizations without paying the taxes on the whole amount that I won. Then I opened a restaurant for doing business without paying the state taxes. I hired a few people to give me right advice, but, it got all wrong from advices from them. And because of that I reached to this situation. Although, I do not blame anyone for my present condition, it is only me who is responsible for my condition.”
“I would say to young players that they should not commit the mistake that I did. And they should plan their money in a proper way, taking the advice of experts in the field.”