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thoughtful and credible. On balance, we find this factor favors
petitioner.
Conclusion
Taking into account the above factors and considering the
facts and circumstances relating to petitioner’s gambling
activity, we conclude that petitioner engaged in the gambling
activity with the actual and honest objective of making a profit
in 2003. As the parties have agreed that petitioner conducted
the gambling activity with continuity and regularity, we conclude
that petitioner was in the trade or business of gambling during
2003. Accordingly, petitioner may deduct her gambling expenses
under section 162(a) to the extent allowable under section
165(d).
To reflect the foregoing,
Decision will be entered
for petitioner.
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Last modified: March 27, 2008