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FULL TILT POKER LOSSES MAY BE TAX DEDUCTIBLE FOR AMERICANS
Tuesday, September 27, 2011 : US law firm gives an opinion following Justice Departments charge that Full Tilt was a Ponzi scheme
Full Tilt Poker's lawyers may be refuting Justice Department assertions that it was operating a Ponzi scheme, but there may be some advantages for US Poker players if it was, a California law firm opined Monday in a blog statement.
Addressing the Full Tilt Poker crisis, the Sanford I Millar blog explores the possibilities for players who have been prejudiced by the DoJ action against Full Tilt, with particular emphasis on the widely publicised accusation by the authorities that FTP was a global Ponzi scheme.
The opinion of the law firm at http://www.taxattorneycalifornia.net/poker-ponzi-scheme-may-net-deduction/ is:
"Recently the U.S Attorney for the Southern District of NY referred to one of the [online] poker sites as a “ponzi scheme.” The use of this specific language may be of tax benefit to poker players who have as of this moment been unable to withdraw funds for their player accounts.
"The use of the words “Ponzi scheme” has a technical implication in U.S. income tax cases, going back to 1972, in Tharp TC Memo 1972-10.
“The U.S. Tax Court in an interesting decision held that even though the activity of the taxpayers may have been illegal, the nature of the loss that they sustained was still deductible. Now, the poker cases have different facts but the compelling part of the decision is that even if the Department of Justice claims that Internet poker is an illegal activity, the loss of player funds may still be deductible under IRC § 165c3.
"To be deductible the players would have to show that they (1) had an account at the site, (2) that they had a positive balance, (3) that they reported their net gambling winnings and (4) that they have not or will not be repaid. None of these steps will be easy in light of the pending civil and criminal charges, but, for some players with substantial funds on deposit the possibility of claiming a loss may worth considering."
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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