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United States, 633 F. Supp. 912 (D. Nev. 1986), [1] was a federal tax refund case, decided in 1986, regarding the U.S. federal income tax treatment of the gambling income of a professional gambler. Because of this case, gambling winnings in the United States can in certain cases be treated as business income for federal income tax purposes.
The service argued that Section 165(d) precluded the taxpayer from engaging in gambling as a "trade or business." [4] The Tax Court held that the taxpayer's gambling was a business activity and allowed the deductions. In essence, the court held that Section 165(d) only applies when a taxpayer is at a loss instead of a net gain and “serves to ...
DeWine wants to double the gambling tax from 20% to 40% to fund pro sports stadiums and youth sports. He said this would give the state another $130 million to $180 million a year for pro and ...
The Internet Gambling Regulation, Consumer Protection, and Enforcement Act was a proposed 2009 bill in the United States House of Representatives that is intended "to provide for the licensing of Internet gambling activities by the Secretary of the Treasury, to provide for consumer protections on the Internet, to enforce the tax code, and for other purposes."
IRS Direct File is a popular free program that offers guidance and support as you fill out your tax return and file your taxes directly with the IRS. And it may not be long for this world. On Feb ...
Gambling gains must be reported as income on your federal and state income tax returns. Losses incurred while gambling are allowed on the federal return as part of your itemized deductions ...
It found "(s)ports gambling is a national problem. The harms it inflicts are felt beyond the borders of those States that sanction it." David Stern , the then-commissioner for the National Basketball Association , testified that "The interstate ramifications of sports betting are a compelling reason for federal legislation."
Designed to help those with gambling addictions, the program prevents individuals from entering casino properties, both physically and online. Self-exclusion programs are meant to protect, but as ...