11/21/10 RE: Tax Memo #1/Gambling Activities 1. Dr. Green is a practicing physician in Chicago who, as an avid blackjack and slot machine player, travels to Las Vegas every other weekend to gamble. He would like to know what criteria are used to determine whether his gambling activities constitute a trade or business for federal income tax purposes and whether or not you think his gambling activities qualify for trade or business status. The fact that Dr. Green's gambling activities constitute a
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compare to. If rich and poor are measurements of wealth, they only exist due to comparison. This means that eliminating a view point based on comparison also has an effect on a person’s view of wealth. Gambling is the perfect example of the human’s dilemma. Many people are aware that gambling has a higher loss ratio when it comes to winning stakes. If people are aware that they are bound to lose, then why do they still do it? For this there are many reasons. Typically people who choose to gamble
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In the world we live in today, gambling is a professional career to some, whilst others gamble for leisure, a combination of necessity and pure enjoyment. However there is hardly any single moment where a person just fell into being a professional gambler, but there will be some people who realized that they didn’t have any other source of income. The truth is that there are many thousands of people around the country who make a good living exclusively from gambling. It is not easy, but it can be
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to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity. In 2001, Andrew Mayo qualified as a professional gambler. Andrew was gambling on horse races and had total wagers of $131,760. During 2001 Andrew had winnings totaling $120,463 and $10,968 of other business expenses such as travel, subscriptions, car and truck expenses, etc. Claiming he was a professional gambler, her reported
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tables, the slots are the game of choice here. There are scores of penny slots. "You don't need to spend a lot of money to win," said Lourdes Pena, 26, sounding like a commercial for the casino as she instructed her friend Maria Ramirez, 24 and a gambling rookie, to stick with two slot machines at a
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tariff free movement of goods from Macau to mainland China. Pataca, the currency of Macau is closely connected with Hong Kong dollar and is freely accepted in Honk Kong. Economic activities of Macau Services activities dominated by tourism and gambling contribute nearly 96% towards its GDP (gross domestic product). Wholesale and retail trade, financial services, construction, and transport and communications are the other tertiary sector activities. The industrial sector is dominated by electronics
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including full-service, diverse entertainment (i.e. traditional) casinos of Las Vegas and Atlantic City, and treat other gambling alternatives (e.g. Native American casinos, riverboat gambling, etc.) as substitutes. When discussing each of the five forces, be sure to consider each of the factors relevant to each of these five forces as we discussed in class. 2. How are the gambling companies in Las Vegas responding to the changes in the industry structure and the increased competition? 3.
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Humorous Wedding Speech by a Fellow Gambler Ladies and gentlemen, my name is Josh and following the time-honored tradition, I will now do my best to give Roy the most uncomfortable five minutes of his life. For the record, the most uncomfortable five minutes of Joyce's life will be later on this evening, courtesy of Roy. Roy and I became acquainted many years ago, when we had three encounters in one week. I first saw him when he was placing a bet at the Horse Racing track. Then he appeared
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one I found in the National Institute of Justice Journal titled, "When It’s No Longer A Game: Pathological Gambling in the United States" written by Charles Wellford. Wellford (20001) defines pathological gambling as “the inability to resist the impulse to gamble,” (p. 15, para. 2) and is an issue that many adults find themselves a victim of. He uses this article to educate the gambling community, along with their family and friends, of its negative effects and harmful consequences and also as
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world war two things started to decline in terms of number. Atlantic City needed something to draw the crowds back, so in 1976, New Jersey passed a law allowing casinos here. And for a while, gambling worked. Casinos were salvation for the Atlantic City. For years, Atlantic City enjoyed a monopoly on gambling on the East Coast. But that salvation was temporary, in the mid2000s, the city’s luck turned along with the nation’s economy and gamblers abandoned Atlantic City. So what were the possible
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