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... winnings and losses, since they will understate winnings and overstate losses. This practice is also used to ensure fairness in instances where people report different losses. If people report different losses, it would be unfair to treat them equally if both have equal incomes, since the person who has reported a higher loss has a right to pay lesser tax.
FEDERAL US TAX CODE ON GAMBLING WINNINGS
This literature comes from tax experts and focuses on various forms of taxation and their effects on those who pay the tax. This section will give the reader a better understanding of the logic in treatment of gambling winnings and the effects of such treatment.
Details
| language |  | english |
| wordcount |  | 1254 (cca 3.5 pages) |
| contextual quality |  | N/A |
| language level |  | N/A |
| price |  | free |
| sources |  | 4 |
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Preview of the essay: FEDERAL US TAX CODE ON GAMBLING WINNINGS
FEDERAL US TAX CODE ON GAMBLING WINNINGS. Generally, nonresident are expected to pay 30% withholding tax on gross gambling proceeds. This law is applicable if the income does not arise from a US business or trade and also if the income is exempted from taxation by a treaty. However, recent changes in the tax laws has introduced exemptions on tax on ...... winnings and losses, since they will understate winnings and overstate losses. This practice is also used to ensure fairness in instances where people report different losses. If people report different losses, it would be unfair to treat them equally if both have equal incomes, since the person who has reported a higher loss has a right to pay lesser tax.
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