- 2 - decision to be entered is not reviewable by any other court, and this opinion should not be cited as authority. Respondent determined a deficiency of $863 in petitioner’s 2001 Federal income tax.1 The issue for decision is whether petitioner’s gambling activity constituted a trade or business during the taxable year in issue. Background Some of the facts have been stipulated and are so found. Petitioner was not married and had no children during, or as of the close of, the year in issue. At the time the petition was filed in this case, petitioner resided in Mt. Kisco, New York. Petitioner is a college graduate with a bachelor’s degree in economics. He lives with a roommate in a rented condominium and describes his lifestyle as “modest”. During 2001, petitioner was employed, part time, as a truck driver delivering produce to area restaurants. Typically, he worked on Monday, Tuesday, and Friday, 5 a.m. to noon. He was not paid for holidays or vacations and his 2001 wages from his part-time employment totaled $17,785. Petitioner became interested in horseracing at an early age. One of his relatives introduced him to handicapping horseraces. He has been handicapping horseraces in some capacity for more 1 The amount in the notice of deficiency was incorrectly computed to be $683. The parties stipulate that the correct calculation of the proposed deficiency is $863.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011