The God of Coding, Becoming an IT Conglomerate

9. gap in the law

Smith was agitated for only a moment.

He quickly regained his composure like a professional.

And unlike a moment ago, he spoke to Hoyoung in a cautious voice.

“That’s why you came to see me…”

“If I receive the 79 million dollars I won as a lump sum, I will only receive 62% of the total amount. Plus a huge tax. So I know that the amount I can actually receive is only about 1/3.”

When Smith heard Hoyoung’s words, he stopped rolling his head inwardly.

The person sitting in front of me wasn’t a kid who accidentally won a huge lottery and got drunk with joy.

I felt that I had a plan to figure out exactly what luck was given to me and use it.

“It’s obvious, but I want to reduce the damage even a little more.”

“Ha ha… How would you avoid the taxes set by law?”

“I want tax reduction, not tax evasion. The fee is 5% of the amount reduced from the standard amount.”

Smith’s eyes lit up.

At 5%, saving just $1 million would give you $50,000 in profit.

With money you can do anything.

It’s a word that works everywhere, but especially this place was the symbol of capitalism in the United States.

“Besides, one more thing, I plan to invest most of the prize money in American venture companies. I would like you to consider that too.”

At Hoyeong’s last words, Smith fell into contemplation.

Of course, it was for a completely different reason.

A little while ago, it was about how to get rid of annoying requests, but now he was looking for a way to save money.

“Could you wait a moment?”

“yes.”

Smith, who was flipping through a document, looked at his watch and picked up the intercom.

“Julle, all of the morning schedules… No, can you cancel all of today’s schedules for now? Please postpone them to a later date. Thank you.”

Then, he took out various documents and legal codes from the bookshelf again and began to search for materials.

After a while, Smith said to Hoyoung with a confident face.

“Mr. Yoon? I think I’ve found a way. A 62% reduction is unavoidable when receiving a lump sum payment. It’s like a kind of rule specified by the lottery division.”

“I think I can’t help that part. Of course, I have no intention of receiving it as a pension.”

Smith gave a big nod and spoke again.

“In the Americas, lottery winnings are considered ordinary income. So when you pay federal taxes, the highest personal income tax rate is 37%. And you have to pay state income tax separately.”

“That’s a huge tax.”

“Yes. In addition, foreigners have to pay a 5% tax separately, so the tax is even bigger.”

After saying this, Smith paused for a moment.

It was a kind of speech technique that made people curious about what was going on behind the scenes and made them pay more attention to what they were saying.

“You’ve found a solution, so you’re saying this, right?”

“That’s right. The solution is to make one American.”

Smith spoke vaguely, as if throwing a Zen dialogue, but Ho-young realized at once what it meant to make Americans.

“You can establish a corporation.”

When Hoyoung gave the correct answer at once, Smith saw Hoyeong again.

“That’s great. That’s correct. To explain, out of the 37% of current income tax, for non-US citizens, 25% is withheld by the IRS, and the remaining 12% is paid when filing next year’s tax return. The 5% of foreigners I mentioned earlier Including the penalty tax, 42% is collected by the state.”

“So what if we set up a corporation?”

“In principle, a ‘corporate’ is an American. And there is no rule that a corporation cannot receive the winnings. If you do not collect the amount by next year, your income will be close to 0, so the 12% amount to be paid at the time of tax return will be reduced to 6% by receiving a 50% reduction depending on your income level. And finally, here in Texas, the income tax is It is 5%, but it exempts residents from personal income tax. If you set up an investment corporation here, that will be reduced.”

Hoyoung admired inwardly.

Even in the next six months, the US government will close this niche market like a knife by overhauling the legislation so that this expedient cannot be used.

However, this was the time when Lotto America had just been implemented.

Smith burrowed like a ghost into the narrow gaps in the law.

“That’s a total tax savings of 16 percent.”

“Yes. Originally, you would receive $23 million after deducting 47% tax from $44 million, which is 62% of $71 million. There is.”

In fact, this method was a method that could be used under the assumption that Hoyoung would invest most of his money in American companies.

This is because once an investment corporation is established and the investment corporation receives the winnings, it is not possible for an individual to take out and use the money without permission, so it may be better for ordinary people not to try it.

However, Hoyoung was very satisfied with Smith’s work.

‘Excluding $350,000, which is 5% of the $7 million saved, the winnings are exactly around $30 million.’

It was less than I originally thought, but I thought it was enough.

Smith took the contract and wrote down a few extras.

A fairly large amount went out as a fee, but Hoyoung happily signed the contract.

“Then, since the method has been decided and the contract has been concluded, shall we move right away? Let’s solve the investment corporation problem first.”

“Yes. Time is money.”

When Hoyoung repeated what Smith had just said, Smith widened his eyes and laughed wahahaha.

The two left the law firm amicably.

.

Moments later, Hoyoung and Smith were riding in a black SUV driven by Miru.

When he first got into the car, Smith was taken aback when he saw the well-built Brian and Miru sitting in the front seat, but when he remembered Hoyeong’s situation, he convinced himself that he was ‘prepared thoroughly’.

“Could you go straight to Dallas City Hall?”

Befitting the representative of Smith & Watsons, which is known for its speedy handling of work, Smith proceeded with the work in an instant.

Incorporation of a US corporation requires a resident agent in the state in which it is to be incorporated.

Smith also took care of the registered agent himself, and coolly paid the minimum investment of 10,000 dollars.

“As a registered agent, when you want to invest in Nasdaq as a US corporation later, you can remove my name and select an employee and register as an agent. And the minimum start-up investment is on top of my $350,000 commission.”

Smith finished his work at City Hall before lunchtime.

Hoyoung thought it was fortunate that he had commissioned Smith even if he had to pay an expensive fee.

Smith’s work speed was fast even for Ho-yeong, a Korean.

“Now, shall we go to a restaurant somewhere and wait for the City Hall business to finish? Dallas officials are also known for their quick work.”

Hoyoung and Smith went to a nearby restaurant to have lunch and returned to City Hall.

It was after the corporation establishment documents had already been passed at City Hall.

“Congratulations. The job is done. Mr. Approval for incorporation of 100% of Yoon’s shares has declined. Then, finally, you can choose the name of the corporation.”

As Hoyoung pondered over the name of the corporation for a while, the watch he was wearing on his left wrist caught his eye.

“The corporate name will be Gaia.”

“Gaia! That’s a great name. Gaia Investment sticks to your mouth.”

Smith’s expression was very bright as he shook hands with Hoyoung.

It was an expression of satisfaction at the close of an income of $350,000.

But Smith’s work did not end there.

After registering the corporate seal, the corporate seal certificate was immediately printed.

And I stopped by the Bank of America right next door and opened a corporate bank account under the name of Gaia Investment.

If it was long, it was a long series of work, but the work so far was just a prelude to receiving the prize money.

“In most states, lottery operations are all located in the capital city. Austin is the capital of Texas. However, Texas is unique in that it has a lottery division in Dallas rather than the capital. Lucky.”

Hoyoung knew this much through Gaia.

However, he didn’t bother to interrupt Smith’s words in the middle and nodded.

“Mr. Yoon, do you want to receive insurance money quietly? Or do you want to get fancy?”

Smith’s question was without a second thought.

“I want to do it as quietly as possible.”

Smith laughed knowingly at Hoyoung’s answer and took out a mask from his bag. The mask was an Iron Man mask that covered the entire face.

“ruler. Then, from now on, I will write this and drive to the lottery department.”

“Are you going to wear an Iron Man mask? I feel like a real Tony Stark.”

Iron Man is one of the most popular hero characters in future Korea, but at that time, it was an unfamiliar character to foreigners.

Smith mistakenly thought Ho-young was someone who had some understanding of American culture.

The car carrying Hoyoung arrived in front of the lottery business after about 30 minutes of driving.

Smith first got out of the car and looked around.

Fortunately, the paparazzi were not conspicuous.

“Now. Hurry up to that building over there.”

Hoyeong hurries up to the building, and Smith, Brian, and Miru stop the crowds of people coming to take pictures and go up later.

When Ho-young told the lottery division employee that he had come to collect the winnings from Lotto America, the employee led him to a windowless room on the third floor, and Ho-young was able to take off the mask only after entering the room.

.

Soon after, Smith and a man who appeared to be an executive from the lottery business entered the room.

“Can I check the lottery ticket?”

At the executive’s request, Ho-young handed over the lottery ticket receipt that he had cherished in his inner pocket.

He looked at the lottery receipt here and there, looked at it with a magnifying glass, checked the lottery receipt, and opened his mouth.

“It’s a winning lottery ticket. nice to meet you I am Sampson, General Manager of Lottery Division. We sincerely congratulate you on winning. How would you like to pay?”

“I have a Bank of America account in the name of a corporation. Please deposit that way.”

“Corporate name?”

“yes. I am not here to collect lottery winnings in my personal capacity. Gaia Investment is the recipient of lottery winnings. I just came as a representative of Gaia Investment.”

Sampson was stunned at Hoyoung’s words.

It was because winning the lottery itself was not common, so there were no precedents, but Hoyoung’s words greatly exceeded expectations.

“Could you wait a minute? I will come after checking the relevant laws and regulations.”

“yes. Please.”

Returning to the office, the secretary-general, together with the lottery division staff, looked up the relevant laws and regulations so quickly that the speed of turning through the thick tax and law booklets was invisible.

“Find out the rules on whether corporations can receive winnings!”

“There is nothing related to corporations.”

“Then, what is the law that the natural person must receive the prize money?”

“That too… there are no rules!”

However, I couldn’t find a law anywhere that a corporation could not receive insurance money.

After a while. The secretary returned to the room where Hoyeong was.

There was only one thing the secretary general could say in front of the elated Hoyeong and Smith.

“The CEO of Gaia Investment, Mr. Yoon. Congratulations on winning the lottery of the corporation Gaia Investment, and we will help you collect the winnings.”

Smith heard Sampson’s story and felt relieved that everything had ended smoothly, but Ho-young thought it was too early to be relieved.

This is because winning the lottery was only a stepping stone for Ho-yeong’s goal to come to America.

‘From now on, the real game begins.’

Although he made tens of millions of dollars, Hoyoung’s expression was determined.