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Line of work and believes the income is tax free

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Mark has been a professional gambler for many years. He loves this line of work and believes the income is tax free. He has decided to buy a condo in Las Vegas and is trying to secure a mortgage. The banker told Mark that his gambling income is taxable.
Mark has heard you are a tax wizard and wants to meet with you. In preparation for that meeting you will use the tax research services to investigate the issues.
Using primary authority only, as your sources, write a memo to Mark's file detailing the various issues you plan to discuss with Mark

Reference no: EM13488152

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