Mr Jake is a professional poker player and last year was a bad year for him. he won $180,000 at a poker tournament but lost $260,000 in another poker tournament. in addition he had the following expenses

1 travel to poker tournament $2500

2 the tournament entry fees $10,500

he also earned $90,000 of investment

Are Mr Jake's expense deductible? if yes explain why

cite the ASC of FASB on the deductibility

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