The U.S. Tax Court ruled that tournament poker is gambling, not a sport, and thus not exempt from the Section 165(d) limitations of the tax code.
SOURCE: WebCPA
Citing a bit of wisdom from Kenny Rogers, the U.S. Tax Court ruled that tournament poker is gambling, not a sport, and thus not exempt from the Section 165(d) limitations of the tax code.
In a matter brought by George and Gloria Tschetschot of Cedar Rapids, Iowa, the couple argued that Gloria
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