Baxter V. United States
William E. Baxter Jr. v. United States was a federal tax refund case, decided in 1986, regarding the U.S. federal income tax treatment of the gambling income of a professional gambler. Because of this case, gambling winnings in the United States can in certain cases be treated as business income for federal income tax purposes. This means that in some cases expenses and losses can be deducted from gambling winnings in arriving at the net earnings from self-employment, and that winnings can be placed into retirement funds.
Read more about Baxter V. United States: History, Background, Trial Court Ruling, Appeal, Impact, Other Countries
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The formulation was used as a motto by the English Nonconformist clergyman Richard Baxter (1615-1691)
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