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Old 02-02-2007, 02:50 PM
Mathemagician Mathemagician is offline
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Join Date: Apr 2005
Posts: 151
Default Re: This should end all of the false claims about paying US taxes on p

[ QUOTE ]
3. Are comps taxable? Thank you, Broiler, for posting the link to Libutti v. Commissioner. As the Court noted in the case, it's gains from gambling that are taxable, not winnings. If you go to a casino, and they give you a comped lunch which you eat, there's no gain. If you sell the comp (and the casino allows that) to John Doe for $20, you've made $20 in taxable income.

If a casino gives you a Rolls Royce as an enticement to gamble, that's a pretty big gain.

[/ QUOTE ]What if you eat it?

M
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