Friday, May 19, 2006

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..."