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Would report gambling winnings to the internal revenue

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Reference no: EM132979294

Assume that you just completed a December weekend vacation to a casino within the United States. During your trip you won $10,000 gambling. When the casino exchanged your chips for cash they did not record any personal information, such as your driver's license number or social security number. Four months later while preparing your tax returns for the prior year, you stop to contemplate the fact that the Internal Revenue Service requires taxpayers to report all gambling winnings on Form 1040.

Required:

Problem 1: Would you report your gambling winnings to the Internal Revenue Service so that you could pay federal income taxes on those winnings?

Problem 2: Do you believe that your actions are ethical? Why?

Reference no: EM132979294

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