McKenna v. Commissioner
United States Board of Tax Appeals
Taxpayer's occupation was that of race-track bookmaking. He operated his handbook on a modification of the parimutual system. Held: The gross income derived from such bookmaking operations is determined by applying against the total receipts therefrom, the sum of the amounts paid to bettors on his handbook plus amounts returned to bettors by erason of scratches, called-off bets, and "lay-off" bets.
1Opinion of the Court
*328OPINION.
Korner:
The question presented by this appeal is whether the winnings realized from gaming operations are taxable as income and if so, what portion of said winnings constitutes taxable income.
The facts giving rise to this appeal are fully stated in the findings of fact and need not be restated except in a brief and summary manner. The taxpayer was in the years 1919 and 1920 a bookmaker and operated in the State of Kentucky. His entire receipts for the year 1920 grew out of such operations. In 1919 he received $4,776.55, which did not arise out of his handbook operations and which, it…
2Cases cited7 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Stratton's Independence, Ltd. v. HowbertSupreme Court of the United States · 1913
- Merchants' Loan & Trust Co. v. SmietankaSupreme Court of the United States · 1921
- Walsh v. BrewsterSupreme Court of the United States · 1921
2 more not listed; retrieve them via the Exa API.
3Cited by30 opinions
- Green v. CommissionerUnited States Tax Court · 1976
- George Winkler v. United StatesCourt of Appeals for the First Circuit · 1956
- Skeeles v. United StatesUnited States Court of Claims · 1951
- Wagner v. CommissionerUnited States Board of Tax Appeals · 1934
- Gajewski v. CommissionerUnited States Tax Court · 1985
25 more not listed; retrieve them via the Exa API.