Mayo v. Comm'r
United States Tax Court
P-H was engaged in the trade or business of gambling on horse races during 2001. Ps attached a Schedule C, Profit or Loss From Business, to their 2001 Federal income tax return, on which they reported the results of P-H's gambling business, including gross receipts of $120,463 and expenses of $142,728, consisting of $131,760 for wagers placed and $10,968 in expenses incurred in connection with the conduct of the gambling business.
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P-H was engaged in the trade or business of gambling on horse races during 2001. Ps attached a Schedule C, Profit or Loss From Business, to their 2001 Federal income tax return, on which they reported the results of P-H's gambling business, including gross receipts of $120,463 and expenses of $142,728, consisting of $131,760 for wagers placed and $10,968 in expenses incurred in connection with the conduct of the gambling business. Ps deducted the excess of the Schedule C expenses over gross receipts, $22,265, as a business loss against their other income. R issued a notice of deficiency…
1Opinion of the Court
RONALD ANDREW MAYO AND LESLIE ARCHER MAYO, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Mayo v. Comm'r
Docket No. 15527-03
United States Tax Court
136 T.C. 81; 2011 U.S. Tax Ct. LEXIS 4; 136 T.C. No. 4;
January 25, 2011, Filed
Decision will be entered under Rule 155.
P-H was engaged in the trade or business of gambling on horse races during 2001. Ps attached a Schedule C, Profit or Loss From Business, to their 2001 Federal income tax return, on which they reported the results of P-H's gambling business, including gross receipts of $120,463 and expenses of $142,728, consisting of…
Also in this document: Concurrence.
2Cases cited23 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- Commissioner v. GroetzingerSupreme Court of the United States · 1987
- Commissioner v. SullivanSupreme Court of the United States · 1958
- Di Santo v. PennsylvaniaSupreme Court of the United States · 1927
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