This paper describes the treatment of gambling winnings and losses in the federal tax code and shows how the system may incentivize some gamblers to substantially increase the scale of their betting in order to have a chance to win. This incentive stems from the fact that gambling losses can ...
The Taxation of Gambling Winnings in Australia and the United States: A Comparative StudyKreiser, LarryJowitt, Emmy
previous deduction produced a tax benefit (this is commonly referred to as the tax benefit rule and is most often used when a taxpayer has recovered a previously deducted bad debt or previously deducted taxes); gambling winnings; lottery winnings; found property; and income from illegal sources....
As an example of the numerous issues that remain in this area is that of off-shore gambling. Since the location of servers makes no technological difference, many gambling facilities have located their operations off shore and thus out of countries that tend to regulate gambling activities. Howeve...
ComprehensiveVolumeComprehensiveVolumeChapter3ComputingTheTaxComprehensiveVolumeComprehensiveVolumeTaxFormulaIncome(broadlyconceived)$xx,xxxLess:Exclusions(x,xxx)GrossIncome$xx,xxxLess:DeductionsforAGI(x,xxx)AdjustedGrossIncome(AGI)$xx,xxxLess:Thegreaterof-Totalitemizeddeductionsorthestandarddeduction(x,xxx)Less:Per...
Commodities cigarettes, liquor, beer, automobiles having less than 24 seats, motorcycles, airplanes, boats, petrol, air-conditioners up to 90,000 BTU, playing cards, votive papers; and Service activities discotheques, massage, karaoke, casinos, gambling, lotteries, golf clubs and entertainment with ...
The Taxation of Gambling Winnings in Australia and the United States: A Comparative StudyKreiserJowitt
reasonable expectation of profitCanadaIn Canadian income tax law, winnings from gambling are taxable when they constitute "income from a source." What is not clear is the basis for determining whenAlarie, BenjaminSocial Science Electronic Publishing...
In Canadian income tax law, winnings from gambling are taxable when they constitute "income from a source." What is not clear is the basis for determining when, where, and how winnings from gambling activities can amount to "income from a source." In light of recent decisions of the Tax ...
market valuation and the effect of company and SEC restrictions on disposition of the stock. * The Tax Court applied the IRS's recent practice of allowing professional gamblers to deduct ordinary and reasonable nonwagering business expenses over their gambling winnings, overturning a 1951 case ...