[vpFREE] Scot Krause Gaming Today Article - 6 MAR 2012

 

Scot Krause Gaming Today Article - 6 MAR 2012

http://gamingtoday.com/articles/article/35129-Some_big_bang_for_your_gambling_buck

or

http://tinyurl.com/7ayj3ec

<a href="http://tinyurl.com/7ayj3ec">
http://tinyurl.com/7ayj3ec</a>

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[vpFREE] Re: FYI Citibank issuing 1099 for air miles & 1099s for casino prizes

 

TedChee wrote:

> Read the article to get context for my comments:
>
> _http://articles.orlandosentinel.com/2012-02-07/travel/orl-travel-perkins-02
> 0712_1_value-of-frequent-flyer-citi-inflated-value_
> (http://articles.orlandosentinel.com/2012-02-07/travel/orl-travel-perkins-020712_1_value-of-frequent
> -flyer-citi-inflated-value)
>
> In a nutshell, Citibank is using this technique to artificially
> boost its losses analogous to the old tax shelters where losses
> were created independent of market value.

I'm willing to bet the article is inaccurate. (For that matter, your analogy doesn't hold water either.)

If fault lies anywhere, it's with the IRS in giving issuers faulty guidance on how to value the reported gifts. In a case of FF program mileage, where "market value" isn't readily nailed down, the IRS should have permitted Citi to substitute it's actual cost.

In citing a higher valuation on a 1099, Citi doesn't gain any advantage at all. There's no IRS provision that will permit it to use a inflated "valuation" as a cost, without also capturing the difference between that stated cost and it's actual cost as off-setting profit. (And, frankly, any newswriter who suggests that's the case is a bit of an idiot.)

The more likely treatment, would be similar to reporting any other cost in a transaction: Actual cost is expensed ... any associated revenue is recorded; the difference falls out as taxable profit/loss.

There are a few isolated transactions where a market value expense can be taken, without regard to cost paid. They tend to involve charitable contributions (and the associated tax advantage is granted to further the societal benefit of such contributions).

As far as OP's "analogy" -- There have historically been tax advantaged investments that were structured so that they generated sizable expenses on an accrual basis that weren't matched by actual cash outlay, so that for the taxpayer qualified to capture those accrued losses, the investments generated a potential cash influx up front. While in theory there should be an eventual recapture of those tax payments with subsequent tax liability, the issue is that the investments in essence effected a free loan from the IRS. The IRS has since cracked down on the deductibility of such expenses.

This is in no way analogous to the situation here. Again, I'll emphasize in this case there's no unusual tax break for Citi to be realized at all.

As far an any recipient of a 1099 involving an inflated market valuation of property, they should take appropriate steps to document a more realistic value and file on that basis. (I don't have sufficient experience with this to comment further.)

- H.

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Re: [vpFREE] Tropicana Bogus Promotion

 

Perhaps, jwboothjw meant:
"They do it by posting on the Internet that it has been done. And, since
the reports are on the Internet, they must be true."

On Tue, Mar 6, 2012 at 2:47 AM, jwboothjw <traveller88888@hotmail.com>wrote:

> --- In vpFREE@yahoogroups.com, "pumsparky" <dianalnagy@...> wrote:
> > Yeah, how do they do that?
> > >
> > > "Out of all the vpFREE members he is the only poster I've
> > > ever read about who never, ever loses."
> > >
> > > He and Rob Singer.
>
> They do it by claiming to do it on the internet.
>
> And then it's true. Just ask Cardfather.

[Non-text portions of this message have been removed]

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Re: [vpFREE] FYI Citibank issuing 1099 for air miles & 1099s for casino prizes

 

If you could have bought the car for $28,000, then $28,000 is all that you
must report on tour taxes, regardless of what is reported on the 1099.

On Tue, Mar 6, 2012 at 1:42 PM, <TedChee@aol.com> wrote:

> Read the article to get context for my comments:
>
> _
> http://articles.orlandosentinel.com/2012-02-07/travel/orl-travel-perkins-02
> 0712_1_value-of-frequent-flyer-citi-inflated-value_
> (
> http://articles.orlandosentinel.com/2012-02-07/travel/orl-travel-perkins-020712_1_value-of-frequent
> -flyer-citi-inflated-value)
>
> In a nutshell, Citibank is using this technique to artificially boost its
> losses analogous to the old tax shelters where losses were created
> independent of market value.
>
> Customers bear the burden which can be alleviated by coming up with market
> valuations paired to time when benefits are received. But this is a hassle
> & it still kicks you up a notch if you're challenged on your valuation.
>
> I'll use this as a soapbox to talk about non-cash prizes which result in
> 1099s. Before going for these prizes look up the value before
> participating.
> Just in case you win, do you really want to report a $40,000 1099 for a car
> that you could have bought for $28,000?

[Non-text portions of this message have been removed]

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Re: [vpFREE] FYI Citibank issuing 1099 for air miles & 1099s for casino prizes

 

Glen,

This happened to me in 2009 at the Peppermill where I won a Mercedes E-350
in a drawing. The window sticker was $62K. My CPA instructed me to
immediately go to a car club on-line (like Costco) and request a quote for the
identical new car model from a local dealer. I was able to use the lowest
written quote to reduce the basis for the income tax by about $5K.

Walter H in Florida


In a message dated 3/6/2012 4:42:18 P.M. Eastern Standard Time,
TedChee@aol.com writes:

I'll use this as a soapbox to talk about non-cash prizes which result in
1099s. Before going for these prizes look up the value before
participating.
Just in case you win, do you really want to report a $40,000 1099 for a
car
that you could have bought for $28,000?

[Non-text portions of this message have been removed]

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[vpFREE] FYI Citibank issuing 1099 for air miles & 1099s for casino prizes

 

Read the article to get context for my comments:

_http://articles.orlandosentinel.com/2012-02-07/travel/orl-travel-perkins-02
0712_1_value-of-frequent-flyer-citi-inflated-value_
(http://articles.orlandosentinel.com/2012-02-07/travel/orl-travel-perkins-020712_1_value-of-frequent
-flyer-citi-inflated-value)

In a nutshell, Citibank is using this technique to artificially boost its
losses analogous to the old tax shelters where losses were created
independent of market value.

Customers bear the burden which can be alleviated by coming up with market
valuations paired to time when benefits are received. But this is a hassle
& it still kicks you up a notch if you're challenged on your valuation.

I'll use this as a soapbox to talk about non-cash prizes which result in
1099s. Before going for these prizes look up the value before participating.
Just in case you win, do you really want to report a $40,000 1099 for a car
that you could have bought for $28,000?


[Non-text portions of this message have been removed]

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[vpFREE] Re: Gambling With an Edge

 


From your reply, you don't believe me so I'm not going to waste time
playing "prove it to me" by answering the questions.

Just in case you might believe me, a very good friend who used to be
part-owner of a small supermarket told me what they used to do to protect their
thin margins. With today's affinity cards it's easy to identify those who
take primarily sale items. Even before the affinity cards, they could tell
who those people were. And the markets had the right to not service people
they didn't want on the property.

Many years ago I did work at a grocery store that my grandfather owned &
we did kick out customers. However, they were mostly winos since we didn't
have any sale items.

PS My friend later in his career worked for a large chain that specialized
in selling items that were deeply discounted. Unless you were stealing, I
never heard of treatment as bad as back-rooming. Some of the stuff that he
told me about led me to avoid the chains that focus on deep discounting.
That old saw, you get what you pay for is really true. He does go back to
the chain to shop occasionally but does most of his shopping at Costco.
That's enough of a testament for me.



In a message dated 3/6/2012 7:46:40 A.M. Pacific Standard Time,
vpFREE@yahoogroups.com writes:

_Re: Gambling With an Edge _
(http://groups.yahoo.com/group/vpFREE/message/119713;_ylc=X3oDMTJzbmxnaTZzBF9TAzk3MzU5NzE1BGdycElkAzQ2NDEwMTcEZ3Jwc3BJZAMxN
zA1MDY1NzMyBG1zZ0lkAzExOTcxMwRzZWMDZG1zZwRzbGsDdm1zZwRzdGltZQMxMzMxMDQ4Nzkz)

Posted by: "jwboothjw" _traveller88888@hotmail.com _
(mailto:traveller88888@hotmail.com?Subject= Re:%20Gambling%20With%20an%20Edge) _jwboothjw _
(http://profiles.yahoo.com/jwboothjw)
Mon Mar 5, 2012 9:24 pm (PST)

--- In _vpFREE@yahoogroups.vpF_ (mailto:vpFREE@yahoogroups.com) ,
TedChee@... wrote:
>
> If you've ever worked at a grocery store, you'd be struck by some of the
> similarities. Yes they have loss leaders but did you know that they also
ask
> people who buy only the loss leaders not to come back?"

No, I didn't know that.

I've never heard of a grocery store asking someone not to come back
because they only purchase sale items.

How does this work? Does the cashier call a Security Guard? Do they tell
the shopper he will be trespassed next time?
Do they backroom the shopper and call in Metro?

This sounds ridiculous to me, whether you've worked in a grocery store or
not.

Links to verify?

[Non-text portions of this message have been removed]

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[vpFREE] Press Release: Michael Gaughan, Jr. to manage Rampart & Marriott

Press Release: Michael Gaughan, Jr. to manage Rampart & Marriott

Las Vegas, NV (March 6, 2012) – Beginning April 1, 2012, all operations of
the JW Marriott Las Vegas Resort & Spa and Rampart Casino will be combined
under a single management team headed by veteran casino executive Michael
Gaughan, Jr.

Gaughan, who joined JW Marriott Las Vegas Resort & Spa as general manager in
August 2011, will serve as general manager for all hotel and gaming
operations. The integration of all resort operations under the same
management team will benefit all guests and players as enhancements will be
made in all aspects of the resort experience.

"I am very pleased to combine the resort and gaming aspects of our property
into one unbeatable experience in affordable luxury," said Gaughan. "Guests
will be treated to many impressive improvements to our already stellar
resort offerings, and I can't wait for the Summerlin area to see what we
have to offer over the coming months."

The hotel elements of JW Marriot Las Vegas Resort & Spa, the gaming elements
of Rampart Casino and the dining offerings in both the resort and casino
have all been part of The Resort at Summerlin experience for more than 10
years. Throughout 2012, the property will undergo improvements to strengthen
that experience on several fronts, including dining offerings, casino games,
on-site events and much more.

The newly integrated resort will offer a welcoming gaming environment with a
"players first" mentality. Gaughan's priority is to study customer feedback
and provide a gaming experience that goes above and beyond the desires of
his players. Additionally, the resort's dining establishments will be
updated to create a one-stop destination for both fine and casual dining for
the Summerlin area. With quality, fresh ingredients and meals offered at
reasonable price points, guests will find that all their cravings can be
fully satisfied with a trip to the resort.

"We'd like to thank Bill Wortman and Bill Paulos for integrating the resort
into the Summerlin community," added Gaughan. "I will continue to improve
upon the resort's impressive reputation and deliver a resort experience that
Summerlin residents are proud to call their own. That's a promise I
guarantee will come to fruition."

Additionally, existing Rampart Rewards Club members will enjoy the benefit
of continued service and perks through their already activated club cards.
Members will not need to register for a new card, and all players will keep
all existing points earned on their cards. Beginning April 1, those points
will be available for redemption towards any of the seven on-property
restaurants, hotel stays and spa treatment service. Discounts will also be
available on room rates at the JW Marriott Las Vegas Resort & Spa for all
Rampart Rewards Club members starting April 1.

For more information on the management transition at JW Marriott Las Vegas
Resort & Spa and Rampart Casino, visit
www.theresortatsummerlin.com/index.php.

About JW Marriott Las Vegas Resort & Spa

JW Marriott Las Vegas Resort & Spa features 548 oversized guestrooms set
amid 54 acres of lush gardens. Located in Summerlin, 20 minutes northwest of
the famous Las Vegas Strip, the resort is close enough to indulge in the
city's amenities, but far enough away to enjoy golfing on one of the courses
surrounding the resort or explore beautiful Red Rock Canyon. Indulge
yourself at JW Marriott's luxurious Aquae Sulis Spa or lounge by the
grass-edged pool. Plus, the resort features a wide selection of dining and
entertainment options, from casual to elegant. All services and amenities
synonymous with JW Marriott are at your fingertips when you visit. JW
Marriott Las Vegas Resort & Spa: 221 N. Rampart Blvd., Toll Free:
877-869-8777, www.jwlasvegasresort.com.

Stay updated on all JW Marriott Las Vegas Resort & Spa news by following on
Facebook (JW Marriott Las Vegas Resort & Spa) and Twitter (@JWMarriottLV).

About JW Marriott

JW Marriott is part of Marriott International's luxury portfolio and
consists of beautiful properties in gateway cities and distinctive resort
locations around the world. These elegant hotels cater to today's
sophisticated, self-assured travelers, offering them the quiet luxury they
seek in a warmly authentic, relaxed atmosphere lacking in pretense. JW
Marriott properties artfully provide highly crafted, anticipatory
experiences that are reflective of their locale so that their guests have
the time to focus on what is most important to them. Currently, there are 45
JW Marriott hotels in 19 countries; by 2013 the portfolio will encompass 73
properties in 28 countries.

About Marriott International

Marriott International is a leading lodging company with more than 3,400
lodging properties in 68 countries and territories. Marriott International
operates and franchises hotels under the Marriott, JW Marriott, The
Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites,
Fairfield Inn, SpringHill Suites Inn and Bulgari brand names; develops and
operates vacation ownership resorts under the Marriott Vacation Club, The
Ritz-Carlton Destination Club, The Ritz-Carlton Residences and Grand
Residences by Marriott brands; operates Marriott Executive Apartments;
provides furnished corporate housing through its Marriott ExecuStay
division; and operates conference centers. The company is headquartered in
Bethesda, Maryland USA, and had approximately 137,000 employees at 2009
yearend. It is recognized by Fortune magazine as one of the best companies
to work for, and by the U.S. Environmental Protection Agency (EPA) as
Partner of the Year since 2004. In fiscal year 2009, Marriott International
reported sales from continuing operations of nearly $11 billion. For more
information, please visit our web site at www.marriott.com


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[vpFREE] Bob Dancer's LV Advisor Column - 6 MAR 2012

 

Bob Dancer's LV Advisor Column - 6 MAR 2012

"A Difference of Opinion"

http://www.lasvegasadvisor.com/bob_dancer/2012/0306.cfm

<a href="http://www.lasvegasadvisor.com/bob_dancer/2012/0306.cfm">
http://www.lasvegasadvisor.com/bob_dancer/2012/0306.cfm</a>

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This link is posted for informational purposes
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of the linked article's content by vpFREE. Any
discussion of the article must be done in
accordance with vpFREE's rules and policies.
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[vpFREE] Re: XVP: THE BOSSIER STRIP (PRONOUNCED BO-ZHUR)

 

I've got plenty of time to write about Red River Babylon. But for today I'm feeling low down. I can't talk that damn girl in Great Falls into anything....so far. I've been playing poker for too long. I might not know what you're holding at the beginning of the hand, but by the end of the hand I can look down your throat and tell you what you ate for breakfast. I save a lot of bets by not having to call you down on the end. And I win a lot of bets by calling your bluffing ass down on the end with nothing but a stinking pair of three's. What's coming out of her mouth and what's coming out of her eyes is two different stories. She's dealing with a man that don't back down.

I'm in one of my favorite little gambling towns. Last night was only the third time since New Year's that I drank the whiskey. It looks like it's gonna turn into a running drunk. I'll be back at the bar in a few minutes. I'm gonna get me a beer and a shot, then walk over to that internet juke box and play this song here. I'm dedicating it to all my vpFREE friends.

http://www.youtube.com/watch?v=YXeUXmCV5IA&feature=related

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Re: [vpFREE] Re: XVP: THE BOSSIER STRIP (PRONOUNCED BO-ZHUR)

 

Mickey wrote:
>>It's all gone now. Has been for years. It was called the Bossier Strip. There was live music, alcohol, drugs, strippers, prostitutes, gambling. Everything a guy needed.

In doing my research for a novel about the life of a small time gambler named River Johnny, I'm finding out that nothing has been written about the Bossier Strip. That is sad. It's a fascinating piece of Americana. It looks like I'm gonna be the first to write about it. <<

I can remember living in East Texas in the 60's.....Bossier was the place to go when you wanted to let off steam! I would really like you to write that novel, Mickey! It couldn't be anything but great.
Bonnie

[Non-text portions of this message have been removed]

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RE: [vpFREE] Re: Gambling With an Edge

 

Actually I really did say something different.

Cogno

-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpFREE@yahoogroups.com] On Behalf Of
dealt4oak
Sent: Tuesday, March 6, 2012 10:50 AM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: Gambling With an Edge

Exactly full pay is the highest available pay scale "at the time." You
didn't really say anything different than I did. I do think NSUD can become
known as full pay as a new generation of advantage players comes into
existence and FPDW disappears. Different generations of players will
definitely have an affect on naming. I hear it now when I talk to newer
players.

--- In vpFREE@yahoogroups.com, Cogno Scienti <cognoscienti@...> wrote:
>
> <<Full pay refers to the highest, most widely available pay scale for
> a specific game. If 16/10 deuces becomes the norm and the other
> disappears NSUD will then be known as full pay. 9/6 DDB is often
> referred to as full pay because it is the most common pay scale and
> the 10/6 is so rare and really only associated with the Stations group
> now.>>
>
> I don't think that's really true. "Full Pay" refers to the highest pay
> schedule sometime in the 1990s when the Skip Hughes Group stated
> naming things. 10/6 DDB was released relatively recently, and 16/10
> Deuces will never be called "FPDW."
>
> Cogno
>

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[vpFREE] Re: Tropicana Bogus Promotion

 



--- In vpFREE@yahoogroups.com, "pumsparky" <dianalnagy@...> wrote:
>
> Yeah, how do they do that?
>
> >
> > "Out of all the vpFREE members he is the only poster I've
> > ever read about who never, ever loses."
> >
> >
> > He and Rob Singer.
> >
>

They do it by claiming to do it on the internet.

And then it's true. Just ask Cardfather.

Neither one has ever claimed to "do it on the internet". As Coach V recently wrote he & Hedy don't ALWAYS win. Rob has always invited VP free members & others to watch him play & learn his methods.
He ALSO never claimed to ALWAYS WIN! He believed in setting goals in gambling, the same as you do in your life. Set a goal of wins & a limit on loss & then quit for the day.
You gamble to win the casino's $. You DON'T gamble to win points do you? You don't gamble to get a 'free' meal do you? If so, don't gamble.
Enough rant!. (PS..This subject has been beaten to death here, so let's end it here)
CF
"Age & treachery shall overcome youth & skill."


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[vpFREE] Re: Gambling With an Edge

 

Exactly full pay is the highest available pay scale "at the time." You didn't really say anything different than I did. I do think NSUD can become known as full pay as a new generation of advantage players comes into existence and FPDW disappears. Different generations of players will definitely have an affect on naming. I hear it now when I talk to newer players.

--- In vpFREE@yahoogroups.com, Cogno Scienti <cognoscienti@...> wrote:
>
> <<Full pay refers to the highest, most widely available pay scale for a
> specific game. If 16/10 deuces becomes the norm and the other disappears
> NSUD will then be known as full pay. 9/6 DDB is often referred to as full
> pay because it is the most common pay scale and the 10/6 is so rare and
> really only associated with the Stations group now.>>
>
> I don't think that's really true. "Full Pay" refers to the highest pay
> schedule sometime in the 1990s when the Skip Hughes Group stated naming
> things. 10/6 DDB was released relatively recently, and 16/10 Deuces will
> never be called "FPDW."
>
> Cogno
>

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