Geronimo, the famous Chiricahua Apache warrior, was one of the most feared and respected enemy combatants the United States has ever known. So much so, that he remained a prisoner-of-war until his death on February 17, 1909 in Ft. Sill Oklahoma. While reading a biographical account by one of the U.S. Army officers involved in his capture, I came across an interesting passage. He explained how the...
Taxation of Recreational Gamblers: An Overview of How to Report Wagering Gains and Losses (EA Journal)
Gambling is a $140 billion per year industry. Although the consumer electronics industry is larger ($186.4 billion), the gambling industry is larger than the cable TV ($97.6 billion), outdoor equipment ($11 billion), U.S. box office ($10.2 billion), and U.S. music ($7.0 billion) industries combined. As a matter of fact, in the twenty years from 1991 to 2011, consumer spending on commercial casino...
Taxation of the Recreational Gambler (Tulsa Lawyer Magazine)
With the growth of gambling in Oklahoma, many industries have rushed to provide the needed support and expertise. The area of taxation is no different. Many lawyers and accountants have quickly developed the necessary proficiency to help their clients properly record and report their gambling income. I would like to share with you some of the basic issues so that you may help and at the very...