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ArtikelBetter Odds for Pro Gamblers' Business Deductions  
Oleh: Chiang, Wei-Chih ; Reed, Randy
Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Accountancy vol. 213 no. 4 (Apr. 2012), page 44-47.
Topik: Tax Court Decisions; Business Expenses; Gambling; Tax Deductions
Ketersediaan
  • Perpustakaan Pusat (Semanggi)
    • Nomor Panggil: JJ85.32
    • Non-tandon: 1 (dapat dipinjam: 0)
    • Tandon: tidak ada
    Lihat Detail Induk
Isi artikelRecently, professional gamblers' luck prevailed as the Tax Court changed directions on the deductibility of nonwagering business expenses. The Tax Court in Mayo partially overruled its precedent, Offutt. Offutt allowed the deduction of wagering losses only to the extent of winnings and included professional gamblers nonwagering business expenses in the definition of losses. The Mayo court, contrary to Offutt and subsequent cases, allowed a professional gambler to deduct ordinary and necessary business expenses under Sec 162(a), potentially in excess of gross receipts from gambling as a trade or business. In doing so, the court noted it was following recent IRS policy on the issue outlined in a 2009 IRS legal memorandum. Furthermore, in December 2011, the IRS acquiesced to the court's holding and analysis. Under the holding in Mayo and the IRS' acquiescence to it, professional gamblers are allowed to fully deduct their nonwagering business expenses beyond wagering gains.
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