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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.
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