Tax Court: Ordinary Business Expenses not Subject to Gambling Loss Limitations

The Tax Court rules that ordinary business expenses, other than the cost of wagers, incurred by a professional gambler are not subject to limitation on gambling losses under section 165(d).

[Please note: This is not the U.S. Supreme Court’s medical resident/Chevron deference opinion. For that opinion, please click here.]

Read the Opinion:
Mayo v. Commissioner, 136 T.C. No. 4 (2011)