CCH’s Federal Tax Weekly has an article on the Tschetschot case. My comments are included in the article. There were two major surprises in the decision:
– The IRS conceded that Mrs. Tschetschot was a professional gambler even though she earned $49,000 in wages. This is contrary to the stance that the IRS has taken in most cases and bodes well for part-time professional gamblers.
– It is unusual to read a Tax Court decision where the Court basically asks Congress to change the law.
You can find the article on page 102 of the March 1, 2007 edition of Federal Tax Weekly.
Tags: Tschetschot