Headnote: October 1, 2009

HN100109.001

Fact that taxpayer persisted in her gambling activity despite significant losses indicated that she lacked profit objective, for purposes of determining whether she was in trade or business of gambling, and whether she could thus deduct trade or business expenses. Hastings v. C.I.R., 2009 WL 814227 (T.C. 2009)

Leave a Reply