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Caesar is a retired jockey who takes monthly trips to Las Vegas to gamble on...

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Accounting

Caesar is a retired jockey who takes monthly trips to Las Vegas to gamble on horse races. Caesar also trains racehorses part-time at his Texas ranch. So far this year, Caesar has won almost $47,500 during his trips to Las Vegas while spending $27,250 on travel expenses and incurring $62,400 of gambling losses. Explain how Caesars gambling winnings and related costs will be treated for tax purposes.

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