Banks v. Commissioner
United States Tax Court
During the years ending December 31, 1936, through December 31, 1947, inclusive, petitioner owned an interest in various business ventures, including several gambling establishments. In addition, he made personal wagers on sporting events. A substantial amount of the gross income reported on his Federal income tax returns for each taxable year involved herein was derived from his gambling activities.
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During the years ending December 31, 1936, through December 31, 1947, inclusive, petitioner owned an interest in various business ventures, including several gambling establishments. In addition, he made personal wagers on sporting events. A substantial amount of the gross income reported on his Federal income tax returns for each taxable year involved herein was derived from his gambling activities. No books or records relating to such activities were available for audit by respondent's agents. Using the net worth plus nondeductible expenditures method, respondent reconstructed petitioner's…
1Opinion of the Court
Thomas W. Banks v. Commissioner.
Banks v. Commissioner
Docket No. 42724.
United States Tax Court
T.C. Memo 1961-237; 1961 Tax Ct. Memo LEXIS 113; 20 T.C.M. (CCH) 1165; T.C.M. (RIA) 61237;
August 22, 1961
During the years ending December 31, 1936, through December 31, 1947, inclusive, petitioner owned an interest in various business ventures, including several gambling establishments. In addition, he made personal wagers on sporting events. A substantial amount of the gross income reported on his Federal income tax returns for each taxable year involved herein was derived from his gambling…
2Cases cited53 opinions
- Holland v. United StatesSupreme Court of the United States · 1955
- Spies v. United StatesSupreme Court of the United States · 1943
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Gano v. CommissionerUnited States Board of Tax Appeals · 1930
- William J. Drieborg and Laura D. Drieborg v. Commissioner of Internal Revenue, William J. Drieborg v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1955
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3Cited by10 opinions
- Thomas W. Banks v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1963
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- Judy v. CommissionerUnited States Tax Court · 1997
- Kelly v. CommissionerUnited States Tax Court · 1983
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