Business Income Archives - Page 2 of 2 - John R. Dundon II, Enrolled Agent
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Business Income

IRC §165(d) stipulates that gambling losses shall be allowed only to the extent of the gains from such transactions. The IRS also cites Valenti v. Commissioner to deny professional gambler's deductions for their net gambling losses in excess of winnings. However gambling-related travel expenses are not subject to the §165(d) limit because §165(d) applies...

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