FRED SCHOOLER AND CAROLYN J. SCHOOLER, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent</43> United States Tax Court 68 T.C. 867 Docket No. 520-76. Filed September 7, 1977. Held, P, who kept no record of either winnings or losses from racetrack betting, failed to establish that his losses exceeded his unreported income from wagering, and therefore, he was not entitled to a...
Donovan v. Commissioner of Internal Revenue (1965)
DANIEL F. DONOVAN, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Tax Court of the United States. T.C. Memo. 1965-247, 1965 WL 1022 (Tax Ct.), 24 T.C.M. (CCH) 1325, T.C.M. (P-H) P 65,247, 1965 PH TC Memo 65,247 (Cite as: T.C. Memo. 1965-247) Docket No. 5438-63. Filed September 15, 1965. Held: Petitioner failed to establish by competent evidence that his losses from wagering...
McClanahan v. Commissioner of Internal Revenue (1961)
F. L. McCLANAHAN, Appellant, v. UNITED STATES OF AMERICA, Appellee. United States Court of Appeals Fifth Circuit. 292 F.2d 630, 8 A.F.T.R.2d 5077, 61-2 USTC P 9550 (Cite as: 292 F.2d 630) No. 18665. July 7, 1961. Rehearing Denied August 10, 1961. Income tax evasion prosecution, based on defendant’s alleged failure to report gambling winnings. The United States District Court for the...
Revenue Ruling 54-339 (1954)
Revenue Ruling 1954-339 Citations: Revenue Ruling 54-339, 1954-2 C.B. 89 Advice is requested whether a taxpayer, not engaged in the trade or business of gambling, may deduct wagering losses to the extent of wagering gains in addition to claiming the optional standard deduction provided in section 23(aa) of the Internal Revenue Code. Section 23(h) of the Code provides that in computing net income...
Carmack v. Commissioner of Internal Revenue (1950)
CARMACK et ux.v.COMMISSIONER OF INTERNAL REVENUE. United States Court of Appeals Fifth Circuit. 183 F.2d 1, 50-2 USTC ¶ 9360, 39 A.F.T.R. 620 (Cite as: 183 F.2d 1) No. 13075. June 30, 1950. On Motion to Modify August 1, 1950. Petition by Joseph and Bula R. Carmack to review a decision of the Tax Court of the United States, District of Texas, redetermining a deficiency in a federal income tax...