RE: [vpFREE] Recent Tax Court Ruling on wins vs losses recognition

The only thing new I see here is actually in the players' favor. The IRS conceded that $1100 (the net win of the day) was the "gambling win," not the $2000 reported on the W-2G.

Cogno

> -----Original Message-----
> From: vpFREE@yahoogroups.com [mailto:vpFREE@yahoogroups.com] On Behalf
> Of Robert Romanyshyn
> Sent: Wednesday, December 30, 2009 9:08 AM
> To: vpFREE@yahoogroups.com
> Subject: [vpFREE] Recent Tax Court Ruling on wins vs losses recognition

> Just read an email from CPA Daily that the Tax Court (T.C. Memo 2009-
> 306 ruled in IRS favor re offsets of wins versus losses concerning
> casual gamblers. Definitely warrants further review. One issue
> mentioned as consideration was that taxpayers elected the standard
> deduction.
> Bob
>
> www.ustaxcourt.gov/InOpHistoric/SHOLLENBERGER.TCM.WPD.pdf

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