Re: Tax man stuff
Subject: Re: Tax man stuff
From: Karen Lancaster <lancaster.karen@gmail.com>
Date: 9/28/11, 14:53
To: Barrett Brown <barriticus@gmail.com>

Wow, they moved up date to Feb 1 ! You will be busy :)


 
On Wed, Sep 28, 2011 at 1:50 PM, Barrett Brown <barriticus@gmail.com> wrote:


---------- Forwarded message ----------
From: Daniel Conaway <dconaway@writershouse.com>
Date: Wed, Sep 28, 2011 at 9:56 AM
Subject: Tax man stuff
To: "greggatghc@gmail.com" <greggatghc@gmail.com>, Barrett Brown <barriticus@gmail.com>
Cc: Stephen Barr <sbarr@writershouse.com>


Gregg and Barrett—

 

Here are the financials.

 

The payout from Amazon will be

$75,000 on signature,

$50k on acceptance of the final ms (February 1, 2012)

and $50 on publication (date not determined yet.

 

And to remind you, here’s how the money is split between you:

 

For the first $100,000 (gross) received for the Book from any source (publishing, film rights, etc), that portion of the proceeds shall be divided 50% to GH and 50% to BB.

A.     For the next $150,000 (gross) received for the Book from any source (publishing, film rights, etc), that portion of the proceeds shall be divided 60% to GH and 40% to BB

B.     All proceeds above $250,000 (gross) for the Book from any source (publishing, film rights, etc) shall be divided 70% to GH and 30% to BB.

 

 

OK, breaking it down:

First payment (should have that by Thanksgiving or so) of $75,000 gross minus $11,250 commission = $63,750 net / 2 = $31,875 each

 

Second payment (early March 2012, assuming delivery date goes as planned) of $50,000 gross minus $7500 commission =$42,500 net

Gregg gets $23,375

Barrett gets $19,125

 

Here’s how we get to those second-payment #s:

First $25k of that is split fifty-fifty, second $25k split sixty-forty:

Therefore, n the first $25,000 of the second payment = 21,250 net / 2 = $10,625 each

Second $25,000: 21,250 net  x .6 = $12,750 to Gregg; 21,250 x .4 = $8500 to Barrett

 

Third payment (not sure when—depends on Amazon’s publication schedule) of $50,000 gross minus $7500 commission = $42,500 net

X .6 = $25,500 to Gregg;   x .4 = $17,000 to Barrett

 

Let me know if you have any questions.


Best,

Dan

 

Dan Conaway

Literary Agent

Writers House

(212) 696-3825

 




--
Regards,

Barrett Brown
512-560-2302