Bob is a compulsive gambler and does all of his gambling at the Silver Casino. In a prior tax year, Bob lost over $1 million rolling the dice. The casino management considers Bob to be a valued patron and gave him automobiles, watches, and tickets to NBA games with a total value of over $400,000. Bob immediately sold the gifts back to the casino for chips, which he lost shooting the dices. He did not report the gift as income. You are now representing him, and you want to count the gift as gambling income. Is it?