IRS wants a piece of the poker pie
If you were worrying about the tax implications of that big poker tournament win you enjoyed in the United States, the U.S. Treasury has a plan for you according to a report carried in Card Player magazine this week.
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Poker lingo:
- RERAISE - To raise after an opponent has raised.
- FIXED LIMIT - A betting structure where the amount of each bet is a specific fixed quantity. Usually specified as A-B, where A is the amount to bet in the first few betting rounds and B (larger than A) is the amount bet in the later rounds. Related terms: FLAT LIMIT, NO LIMIT, POT LIMIT, SPREAD LIMIT.
- TAP - In no-limit games, to wager all of one's money in one bet.
- OMAHA - A variant of Hold'em where each player receives 4 hole cards and must use exactly two of them (together with 3 of 5 board cards) to make a hand. Often played high-low split with an 8 qualifier for low.
- STRAIGHT FLUSH - A hand consisting of 5 cards in sequence and the same suit.
- DRAWING DEAD - A draw in which it is impossible to obtain a winning hand for any of a variety of reasons: an opponent's hand is better than whatever you are drawing to, the card(s) that make your hand are out of play, or (in Hold'em) give an opponent a stronger hand even if it makes yours. Frequently used in the past tense, since one rarely knows it at the time.
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