Larry is a professional gambler, specializing in dog racing. He spends 50 to 60 hours per week
Question:
Read and analyze the following authorities to determine the deduction Larry is allowed for his dog-racing losses:
Sec. 162.
Sec. 165.
Commissioner v. Groetzinger, 480 U.S. 23 (1987).
Pete C. Valenti, 68 TCM 838 (1994).
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Related Book For
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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