Trial Court Ruling
The Nevada judge who heard the case ruled in favor of Baxter, declaring "I find the government's argument to be ludicrous. I just wish you had some money and could sit down with Mr. Baxter and play some poker."
The court stated:
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- the Court finds that capital was not a meterial -income-producing factor in Baxter's gaming income. In fact, the Court finds that Baxter's income was derived entirely from his personal services and that the capital he used to finance his poker playing was merely a "tool of the trade." The money, once bet, would have produced no income without the application of Baxter's skills. it was Baxter's extraordinary poker skills which generated his substantial gaming income, not the intrinsic value of the money he bet.
The trial court ruled in favor of Baxter's claims for tax refunds.
Read more about this topic: Baxter V. United States
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