Impact
Because of this case, gambling winnings in the United States can be treated as earned income for federal income tax purposes, depending on the facts and circumstances of the case. 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.
The case of Baxter v. United States is currently being cited by opponents of the Unlawful Internet Gambling Enforcement Act (UIGEA). Opponents of the UIGEA believe that since poker is a game of skill that the act does not apply to online poker sites.
Read more about this topic: Baxter V. United States
Famous quotes containing the word impact:
“Television does not dominate or insist, as movies do. It is not sensational, but taken for granted. Insistence would destroy it, for its message is so dire that it relies on being the background drone that counters silence. For most of us, it is something turned on and off as we would the light. It is a service, not a luxury or a thing of choice.”
—David Thomson, U.S. film historian. America in the Dark: The Impact of Hollywood Films on American Culture, ch. 8, William Morrow (1977)
“The question confronting the Church today is not any longer whether the man in the street can grasp a religious message, but how to employ the communications media so as to let him have the full impact of the Gospel message.”
—Pope John Paul II (b. 1920)
“If the federal government had been around when the Creator was putting His hand to this state, Indiana wouldn’t be here. It’d still be waiting for an environmental impact statement.”
—Ronald Reagan (b. 1911)