Which of the Following Statements About the Tax Consequences of Gambling

question 11

Multiple Choice

Which of the following statements about the tax consequences of gambling is true?

• A)Gambling winnings are not taxable,and gambling losses are not deductible.
• B)Gambling losses are deductible as miscellaneous itemized deductions only to the extent of gambling winnings.
• C)Gambling losses are deductible as itemized deductions only to the extent of gambling winnings.
• D)Gambling winnings are taxable,but gambling losses are not deductible.

---

Definitions:

Balance of Probabilities

The standard of proof used in civil cases, requiring that something is more likely to be true than not for it to be considered proven.

Civil Law Suit

A legal action taken by one individual or entity against another to resolve a private dispute or claim, typically adjudicated in civil court.

Prosecutor

A legal official who conducts criminal proceedings against an accused person on behalf of the state or the public interest.

Writ of Certiorari

An order issued by a higher court to a lower court to transfer the records of a specific case for review.