Re: Rakeback, taxes, and an argument for the IRS
Tilt,
Your understanding is wrong, in the USA, Canada (if you are taxable), and pretty much anywhere in the world where (i) GAAP is employed, and (ii) winnings are taxable.
Any first year accounting student.. pretty much anywhere in the world, can and would tell you the same. It is so obvious, I think it unlikely any auditor with half a brain will let you off easy.
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