T.C. Memo. 1996-108
UNITED STATES TAX COURT
ROBERT LIBUTTI, Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 1042-93. Filed March 7, 1996.
P gambled at T, a casino in Atlantic City, New
Jersey, and incurred losses of $4,139,100 in 1987,
$3,080,050 in 1988, and $1,215,900 in 1989. Aside from
these losses, but as an enticement to frequent T, P
received from T "complimentary" goods and services
(comps) totaling $443,278 in 1987, $974,992 in 1988,
and $1,126,856 in 1989. On his Federal income tax
returns, P included these comps in his gross income and
relied on sec. 165(d), I.R.C., to deduct from his gross
income an equal amount of his gambling losses. Held:
Sec. 165(d), I.R.C., allows him to deduct his gambling
losses to the extent of the comps.
Bernard Wishnia, for petitioner.
Daniel K. O'Brien, for respondent.
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