Super Bowl Fun 2025

Many people like to gamble a little, especially during the Super Bowl. That brings us to our favorite gambling tax case – Coleman vs. the U.S. (If you want to read the case, it is actually Coleman, T.C. Memo, 2020-146.) 

Johnny Coleman was a compulsive gambler who favored slot machines. In 2014, he had wages of $76,784, a personal injury settlement of $150,000, gambling income of $350,241 (reported to the IRS), and no money at the end of the year.

Johnny's first big mistake (after gambling) was not filing a tax return, so the IRS was kind enough to do it for him and charged him $128,866 in taxes and $46,025 in penalties. Fortunately, Johnny found help and hired a math wizard named Mark Nicely (his real name).

Here is what the Tax Court discovered:

1. Super Math Wizard, Mark Nicely, concluded that based on Johnny's gambling frequency and the House odds, he was 99% certain that Johnny lost $151,690 gambling in 2014.

2. Nicely further testified that based on scientific methods, the odds against Johnny having earned even $1 of net gambling profit for 2014 was 140 million to 1.

So, Johnny Coleman won his case, as the Tax Court found Mr. Nicely's conclusions sound and plausible. Johnny was let off the hook. The moral of this story is to have fun betting on the Super Bowl, but don't get carried away and find yourself in Tax Court.

Who are you betting on with the Kansas City Chiefs favored to win? Note that over the 59-year history of the Super Bowl, the favored team has covered the spread more often than not. To make things even more exciting, send us your final score prediction, and you will receive a personalized, signed copy of Jim LaHam’s, Senior Tax Partner, latest book. Now that is an offer you cannot refuse!

Business Meets the Greatest Super Bowl Ever: An Inside Look When Business and Sports Take Center Stage

A distinctive read that merges the thrill of sports with invaluable business principles, highlighting the undeniable parallels between the two worlds and proving that “sports are business, and sport is business.”

Dive into an engaging, humorous, and insightful take on Super Bowl LI (51) —widely regarded as the greatest Super Bowl of all time—while uncovering key business lessons embedded in the game. Written by Jim LaHam, Senior Tax Partner, this book transcends the traditional self-help guide. It offers a dynamic, eye-opening journey through the strategies, decisions, and high-stakes moments that shape business and sports.