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Of the following statements about the tax consequences of gambling, which is true? Gambling winnings are not taxable, and gambling losses are not deductible. Gambling

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Of the following statements about the tax consequences of gambling, which is true? Gambling winnings are not taxable, and gambling losses are not deductible. Gambling losses are an above-the-line deduction. Gambling losses are deductible as itemized deductions only to the extent of gambling winnings. Gambling winnings are taxable, but gambling losses are not deductible

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