Showell v. Commissioner
United States Tax Court
During the taxable year the petitioner engaged in the business of booking bets on baseball, football, and basketball games. From the original betting slips, which he kept in such fashion that only he could tell who his customers were, he made entries of net amounts to a summary record with columns designated "Gain" and "Loss."
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During the taxable year the petitioner engaged in the business of booking bets on baseball, football, and basketball games. From the original betting slips, which he kept in such fashion that only he could tell who his customers were, he made entries of net amounts to a summary record with columns designated "Gain" and "Loss." Thereafter, when all claims relating to a given game or games had cleared, petitioner destroyed the original records relating thereto in order to maintain secrecy respecting his customers and for the purpose of creating an excuse for not producing them if and when…
1Opinion of the Court
OPINION.
Tietjens, Judge:
The only error assigned by the petitioners is the correctness of the respondent’s determination that during 1949 each had additional and unreported income of $11,281.83 from wagering operations. The'petitioners state that no income was reported from the business of booking bets during 1949 because the yearly total of the daily and weekly net.gains was $22,908.88, the total of the daily and weekly net losses was $23,489.97, and the difference, $581.09, represented the net loss sustained during the year in the conduct of that business. They also urge that since the…
2Cited by24 opinions
- Green v. CommissionerUnited States Tax Court · 1976
- Abe Plisco v. United States of America, Percy M. May v. United States of America, Norman R. Baker v. United StatesCourt of Appeals for the D.C. Circuit · 1962
- Jack Showell and Dorothy Showell v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1956
- Nemmo v. CommissionerUnited States Tax Court · 1955
- Mesi v. CommissionerUnited States Tax Court · 1955
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