17. A taxpayer is an occasional Gambler who won $15,000 at the casino for the tax year 2023 over the course of the tax year the taxpayer has a record of $18,763 and gambling losses if the taxpayer itemized is this statement correct.    A.$15,000 can be reported as a loss on schedule a with an additional $3,763 carry forward    B. 18,753 can be reported as a loss on the schedule C.   C. The taxpayer is not allowed to carry for any access losses into 2024

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 43P
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17. A taxpayer is an occasional Gambler who won $15,000 at the casino for the tax year 2023 over the course of the tax year the taxpayer has a record of $18,763 and gambling losses if the taxpayer itemized is this statement correct. 
 
A.$15,000 can be reported as a loss on schedule a with an additional $3,763 carry forward 
 
B. 18,753 can be reported as a loss on the schedule C.
 
C. The taxpayer is not allowed to carry for any access losses into 2024
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