vpFREE2 Forums

9/6/239 return (was Riviera Update...) and a question

#1

In a message dated 05/04/07 7:33:35 A.M. Eastern Daylight Time,
bornloser1537@yahoo.com writes:

And, looking at it, again, from a purely "practical" point of view, would
not such an obvious
"tax dodge" raise a lot of etebrows at the IRS?

No more concern than some $5 machines paying 239 coins rather than the
normal 250. It is a well established principle that people can structure their
transactions to result in the lowest possible taxes allowed by law.

************************************** See what's free at http://www.aol.com.

[Non-text portions of this message have been removed]

#2

<<No more concern than some $5 machines paying 239 coins rather than the
normal 250. It is a well established principle that people can structure their
transactions to result in the lowest possible taxes allowed by law.z>>

But one must remember that the IRS requires that you pay taxes on ALL gambling income, whether you get a W-2G or not.

···

________________________________________
Jean $�ott
The new " FRUGAL VIDEO POKER
SCOUTING GUIDE" and other frugal
products are available at my Web site,
http://queenofcomps.com/.

#3

"queenofcomps" <queenofcomps@...> wrote:

But one must remember that the IRS requires that you pay taxes on
ALL gambling income, whether you get a W-2G or not.

As with many laws, it's widely understood that most people ignore the
requirement to pay taxes on all gambling income.

If given the opportunity to pick the pocket of another individual,
most of us refrain from doing so based on moral principle. Not so in
the case of paying gambling taxes; the majority of people follow that
law only when they fear getting caught.

At my consulting firm, they had a prominent sign that said we could
refer to the company an IT employee and get a bonus of "$100 Tax
Free." What they really meant was that they'd give us a $100 bonus
and not report it to the government, so that if we chose to cheat on
our taxes by not reporting it, it would be unlikely for us to get
caught. It seemed to never occur to the management that this was
anything other than "Tax Free." The casinos' $1199 royals are similar.

Stuart (RandomStu)
http://home.comcast.net/~sresnick2/fungames.htm