- 8 -
incurred by petitioner during taxable year 2001 are allowable
only as an miscellaneous itemized deduction on Schedule A, to the
extent of gains from gambling. See sec. 165(d); sec. 1.165-10,
Income Tax Regs. Thus, petitioner must include his gambling
winnings in his adjusted gross income and is entitled only then
to a Schedule A miscellaneous itemized deduction, to the extent
of his gains from gambling, for his gambling losses. See sec.
165(d); sec. 1.165-10, Income Tax Regs.
Reviewed and adopted as the report of the Small Tax Case
Division.
To reflect respondent’s concessions and our resolution of
the disputed matters,
Decision will be entered
under Rule 155.
Page: Previous 1 2 3 4 5 6 7 8 9
Last modified: May 25, 2011