But his own solicitor claimed Wilkins' crimes were brought on by a four-figure
gambling loss.
Ashley said of his
gambling loss at the time: "It is what it is.
The average annual growth rate of the
gambling loss deduction (in constant dollars) was 16.
He and security guard Rivera had planned only to rob Given Grace, as had been their wont with other UPLB students every time they needed cash after a
gambling loss.
Contending he was a professional gambler, he claimed $1,311,200 in gross income from gambling, and a corresponding
gambling loss of $1,311,200.
The previous highest
gambling loss in Britain is believed to have been pounds 8million by Frank Sarakakis, a Greek car tycoon, playing roulette in the same club in 1994.
Maintaining clear, contemporaneous records of both winnings and losses is the only trustworthy defense a taxpayer (even a recreational gambler) can produce that will prove effective against a Service challenge to
gambling loss deductions.
Also, a taxpayer can never have an overall
gambling loss for tax purposes, but can only lower the amount of winnings.
A Sydney police spokesman said the
gambling loss was the main line of inquiry they were pursuing.
