Ed Miller's Tax Article

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If we are thinking about the same case (from 97 or 98, can't remember off the top of my head), both the IRS and the taxpayer believed that the comps were income. The IRS argued that the income was not gambling source income and could not have losses used to off set this income. The court ruled as you said that the income was gambling source income for the reason that you listed above and should be included in the maximum writeoff for gambling losses. The case I'm thinking of was in New Jersey at a Trump entity.