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Politics : FREE AMERICA

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To: Sully- who wrote (6249)	5/17/2006 10:21:57 AM
From: Proud_Infidel	Read Replies (1) of 14758

Gambler argues it's her business; court lets her deduct losses Pioneer Press ^ \| 5-17-06 \| SHANNON PRATHER twincities.com Estelle Busch may have been a loser at the slot machines, but she won when she took on the Minnesota state tax system. The Minneapolis woman did it by claiming to work more than full time — 60 hours a week, in fact — at gambling. She said she won $1.5 million and lost $1.7 million over three years. The state said she couldn't deduct her gambling losses — $200,000 — under applicable Minnesota tax law. Instead, the Department of Revenue audited her returns and demanded $102,000 in back taxes. But Busch argued hers weren't gambling losses; she was running a business. The state Supreme Court agreed and ruled she didn't owe the back taxes. Justices called it a "trade or business," even if it wasn't a terribly reasonable one to practice. (Excerpt) Read more at twincities.com ...

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