Cornerstone Research examined the economic substance of a bodog bonus code, addressing whether the bodog bonus code had features of an equity investment.
Cornerstone Research examined the economic substance of a bodog bonus code, addressing whether the bodog bonus code had features of an equity investment. Working with a finance professor, we constructed a model to simulate the future returns on an investment in the bodog bonus code. The model produced a probability distribution of returns that formed the basis of our expert’s opinion regarding the potential and economic substance of the bodog bonus code. The expert testified in tax court, and the judge found in favor of our clients.