Well, look what we have here – a CPA is arguing that he has a way to deduct his gambling losses as a professional gambler, but practices as a CPA? See this article in AccountingToday by Roger Russell, then get on the plane to Vegas (or in this case, the track):

http://www.accountingtoday.com/news/tax-court-says-dont-bet-on-it-to-gambling-cpa-70014-1.html?utm_campaign=daily-mar%2018%202014&utm_medium=email&utm_source=newsletter

Now what I don’t understand is his claim of deducting a portion of the paramutual ‘takeout’ which is the obligation of the track (he has no obligation) – how did he think he was entitled to any deduction there. Also, how does he consider himself a ‘professional gambler’ if he practices as a CPA? A weird case all around!

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