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Suppose Daniel wins $15,000 in Casino A on first night, wins $2,000 in casino B on second night, but losses $20,000 on third night? Which
Suppose Daniel wins $15,000 in Casino A on first night, wins $2,000 in casino B on second night, but losses $20,000 on third night? Which one of the below statements in true? He needs to pay tax on winnings of $17,000 and can claim deduction for all losses. He needs to pay tax for $3,000 (winnings - losses). He needs to pay tax on winnings of $17,000 and may be able to claim a deduction for all gambling losses. He can claim deductions for $20,000
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