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.
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
Gambling News :
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
Pokerstars Pulls Out Of Coloumbia -
Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.
The Railbird Launched By Americas Card Room #acra -
Watching your friends conquer the tables just got a whole lot easier. Americas Card Room recently launched its industry-first Player Observer Tool dubbed “The Railbird”, a new feature that allows players seated at Americas Card Room tables to instantly share a live stream of their action with friends.
Huge Caribbean Hold’Em hit at Bovada Casino -
A progressive jackpot strikes again! This time it was at Bovada Casino, where a Texas player landed the top hand playing Caribbean Hold’Em over the weekend. A grand total of $119,348 was collected from the poker-inspired table game.
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.