Gambler Hits Jackpot With Court's Tax Ruling
As reported by the Associated Press: "What Estelle Busch lost at the slot machines, she won with tax collectors. "The Minneapolis woman with a 60-hour-a-week gambling regimen - she labeled it a business - convinced the Minnesota Supreme Court that she should be able to deduct $200,000 in gambling losses over three years from her taxes. "...State tax collectors had been demanding she pay $102,000 in back taxes. "...Justices concurred that she was involved in a 'trade or business,' even if it wasn't a particularly reasonable one to practice..."