Quote:
Originally Posted by Calzone Lord
One of the biggest horse bettors here just pleaded guilty and is looking at a max of 3 years in federal prison.
The investigation by the IRS all started because the race horses he owned and bred kept showing losses each year. Horse owners are required to show a profit 2 of 7 years in order to avoid being called a "hobby" by the IRS -- writeoffs become limited at that point.
http://www.goerie.com/article/201206...deral-tax-case
I've known this Dr. since I was 16. He would play big Pick 6 tickets for several thousand dollars everytime there was a carryover. I knew he cleaned up on this years Oaks/Derby double. He's had some days where he's made well over ten grand betting horses. I heard he scored out for about 24k on that bet.
The last few months I've seen him a lot in the casino very late at night. One of the days he loaded up on a hard eight and caught it a couple times. My girlfriend looks over to me and says "Oh my gawd! I could buy a new car with all of those chips!"
This is a 100% non violent guy. This is a man who, because of what he bets, has paid more money in taxes than many rich men would ever dream of paying. He doesn't deserve jail.
They say he stiffed the govt for $138,777 on taxes ... I'm plenty sure he's paid a hell of a lot more than that in taxes on his betting. |
It's not unheard of, persecuting people with the IRS for things not related to taxes.
Also, he didn't stiff the govt for 138k. He stiffed the IMF, which controls/owns the IRS.