Tax Memorandum 1 - 1. Dr. Green is a practicing physician...

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Unformatted text preview: 1. Dr. Green is a practicing physician in Chicago who, as an avid blackjack and slot machine player, travels to Las Vegas every other weekend to gamble. He would like to know what criteria are used to determine whether his gambling activities constitute a trade or business for federal income tax purposes and whether or not you think his gambling activities qualify for trade or business status. 2. If Dr. Green's gambling activities do not qualify as a trade or business, can he deduct his gambling- related travel and lodging expenses against his gambling winnings? 3. Assume Dr. Green's wife, Mrs. Green, gambles to the same extent that Dr. Green gambles. Assume that the Greens file a joint tax return. If Mrs. Green has a large net gambling gain for the year and Dr. Green has a large net gambling loss, can they combine their gambling transactions and use his loss to offset her winnings? Gambling winnings are fully taxable and must be reported on your tax return. Here are the top seven facts the Internal Revenue Service wants you to know about gambling winnings.the Internal Revenue Service wants you to know about gambling winnings....
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This note was uploaded on 04/21/2011 for the course STATS GM533 taught by Professor Adams during the Spring '11 term at Keller Graduate School of Management.

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Tax Memorandum 1 - 1. Dr. Green is a practicing physician...

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