West Headnote of the Day – October 1, 2009

October 1, 2009

West's Key 220 Internal Revenue
West's Key 220V Income Taxes
West's Key 220V(I) Deductions
West's Key 220V(I)2 Expenses
West's Key 220k3314 Expenses of Trade or Business
West's Key 220k3316 k. Particular Activities.

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)

220 Internal Revenue