RecentPoker RecentPoker.com
Home Page RecentPoker.com Online Poker Rooms Casino Bonus Online Casinos Casino News Gaming News gaming News Gambling Articles World Series Of Poker No Deposit Bonus
Online Slots
        Gambling Affiliates     |     Gambling Guide     |    Slot Tournaments Finder     |     Poker Pros    |     Recentpoker Twitter
   
Online Casino
Biggest Casino Bonuses
SlotsLv
$22 No Deposit Bonus
SlotsLV no deposit
Betonline Casino
$900 Signup Bonus
Betonline Bonus Code
Bovada Casino (Bodog USA)
$3000 Signup Bonus
Bovada Bonus Code
SlotsPlus Casino
$7000 SignUp Bonus
SlotsPlus First deposit bonus
ManhattanSlots
$767 x2 Signup Bonus
ManhattanSlots
Biggest Poker Bonuses
Bovada Poker (Bodog USA)
$1000 Sign Up Bonus
bovada poker bonus code
888Poker
$88 No Deposit Bonus
888 Poker no deposit bonus
Party Poker
$500 Sign Up Bonus
PartyPoker no deposit bonus
BetOnline Poker
$900 Sign Up Bonus
Betonline Poker bonus code
USA No Deposit Bonus

No Deposit Bonus : SlotsLv casino currently is offering everyone a $22 no deposit bonus. New Players Only. Fully Cashable. USA and Canadian Players are welcome. Please see our SlotsLv review page for the no deposit bonus info. SlotsLv Review

Best USA Casino Bonus

Big Casino Bonus : All USA Players Welcome: Bovada Casino the #1 USA Online Casino offering all new signups a $3000 table game and slots bonus + weekly cash back. All new accounts qualify thru our link. No codes needed. For full bonus information please see our Bovada Bonus review.

 

Bovada Casino Bonus Code

 
High Noon Casino no deposit bonus

Tax Court: Tournament Poker is Gambling, Not Sport

Citing a bit of wisdom from Kenny Rogers, the U.S. Tax Court ruled that tournament poker is gambling, not a sport, and thus not exempt from the Section 165(d) limitations of the tax code.

In a matter brought by George and Gloria Tschetschot of Cedar Rapids, Iowa, the couple argued that Gloria’s professional tournament poker playing was not gambling, and thus was not subject to limitations on losses from gambling.

The Internal Revenue Service had cited a deficiency in the couples’ joint federal income tax return for 2000 of just over $10,000, and assessed an accuracy-related penalty for the understatement of just over $2,014.

At trial, the Tschetschots conceded that George was not a professional gambler, but said that Gloria’s poker playing should not be classified as gambling due to the specific rules of the particular game of poker.

Unlike “live-action” poker, poker tournament participants cannot exit the game by cashing out partway through the tournament; the events are played until there is one player left with all of the chips and can last anywhere from days to weeks. The Tschetschots expanded on that point, providing a number of reasons for why tournament poker should be classified as "entertainment and professional sports" and not a wagering activity -- meaning that Gloria’s net losses (approximately $30,000) should be treated the same as those of any other professional sport participants.

But in its decision, the court noted that, similar to live-action poker, a player’s tournament success depends on a combination of both luck and skill -- a point cited by a British court that recently found poker to be a game of chance. And that’s where country crooner Kenny Rogers enters the picture.

“A player might have a decent hand, but as Kenny Rogers tells us in ‘The Gambler,’ he or she would still have to, ‘know when to hold ‘em, know when to fold ‘em, know when to walk away and know when to run,’ to actually be a success,” the court wrote in its response.

The Tschetschots did win one point however -- Gloria’s business expenses related to the professional gambling activity are deductible, though instead of being classified as Schedule C, “Profit or Loss from Business,” the court said they should fall under Schedule A, “Itemized Deductions,” but only to the extent of her winnings (about $11,000). The court returned the matter to the IRS and the couple to determine whether there was still a substantial understatement of income.

The full decision is available at www.ustaxcourt.gov/InOpHistoric/Tschetschot.TCM.WPD.pdf.

— Alicia Korney, Editor, WebCPA

Limited time offer for all our Readers. All Countries. A brand new No Deposit Bonus. No Max Cashout. Claim It Here.



Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

  Top 6 Poker Sites - Editor’s Pick
Poker Room
Info
Code
Bonus
Bovada Poker
1349384
$1000
BetOnLine Poker
None Needed
$900
ACR
None Needed
$1000
Fulltilt Poker Bonus Code Fulltilt Poker
None Needed
$10 ND
888 pacific poker 888Poker
None Needed
$400
PartyPoker PartyPoker
500free
$500
  Top 6 Casino Sites - Editor’s Pick
Casino
Info
Code
Bonus
SlotsPlus Casino
Claim20
$20 ND
Bovada Casino
1349384
$3000
MapleCasino Bonus Code MapleCasino
None Needed
Free Spins
SlotsLV
Slots22
$22 ND
Buzzluck Casino
Buzzluck
$868
SlotLand
FREE33RCNT
$33 Nd

Casino No Deposit Bonus Copyright © 2004-2016 | Recentpoker.com | All Rights Reserved. Copyscape Protected No Deposit Bonus Codes
Recentpoker.com

Please Note : Gambing might not be legal in your area. We bring you www.recentpoker.com as an information and gambling news site only. We hope that you find all the information and gambling news found in www.recentpoker.com to your liking. Please tell your friends about us and visit us again soon.

http://www.recentpoker.com