Gs2745 Memorandum

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Submitted By josephcd
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MEMORANDUM
TO: Dr. Green
FROM: Benito Suave
DATE: 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 trade or a business depend on the examination of the facts in each case. The stipulation is that if the gambling activity of Dr. Green is pursued full time, in good faith, and with regularity, for the production of income for livelihood and is not a hobby, it is a trade or business. In other words, Green must carry out the activity in good faith and for the purpose of making a profit, the gambling is carried on with regularity, the gambling activities are carried out on full time basis or in case of Green's case carried out to the fullest extent possible since Green is practicing physician, Green is not a bookmaker and maintains adequate records including the accounting of tax wagers, winnings and losses. (See Publication 525 (2010), Taxable and Nontaxable Income)
Since Dr. Green does not carry out gambling activities to the fullest extent since he gambles on every other weekend and Dr. Green does not seem to maintain accounts of wagers and winnings and losses on day to day basis nor does he account for day to day gains and losses Dr. Green will not qualify as a trade or a business. If Green's earnings are more than $600, or earnings from bingo or slot machines is $1200 or more, or $1500 from keno machines, Green should fill out a form W-2G.
2. If Dr. Green's gambling activities do not qualify as a trade or business,…...

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