Losses sustained during the taxable year on wagering transactions shall be allowed as a deduction but only to the extent of the gains during the taxable year from such transactions. In the case of a husband and wife making a joint return for the taxable year, the combined losses of the spouses from wagering transactions shall be allowed to the extent of the combined gains of the spouses from...
IRS Chief Counsel Advice Memorandum 2008-011
Office of Chief Counsel Internal Revenue Service Memorandum Release Number: AM2008-011 Release Date: 12/12/2008 CC:ITA:B01 POSTN-138904-08 Third Party Communications: None Date of Communication: Not Applicable UILC: 165.08-00, 61.00-00 Date: December 5, 2008 To: Roland Barral, Area Counsel (Large & Mid-Size Business) From: George J. Blaine, Associate Chief Counsel (Income Tax &...
Revenue Ruling 83-130 (1983)
Revenue Ruling 83-130; 1983-2 C.B. 148 ISSUES What is the amount of gain recognized by an individual taxpayer on the sale of the taxpayer’s personal residence to a charitable organization that subsequently awards the house as a raffle prize under the circumstances described below? Has the taxpayer made any deductible charitable contribution under section 170 of the Internal Revenue Code...
Revenue Procedure 77-29 Section 3
Revenue Procedure 77-29, Section 3 SECTION 1. PURPOSE. The purpose of this revenue procedure is to provide guidelines to taxpayers concerning the treatment of wagering gains and losses for Federal income tax purposes and the related responsibility for maintaining adequate records in support of winnings and losses. SECTION 2. BACKGROUND. Income derived from wagering transactions is includible in...
Revenue Ruling 54-339 (1954)
Revenue Ruling 1954-339 Citations: Revenue Ruling 54-339, 1954-2 C.B. 89 Advice is requested whether a taxpayer, not engaged in the trade or business of gambling, may deduct wagering losses to the extent of wagering gains in addition to claiming the optional standard deduction provided in section 23(aa) of the Internal Revenue Code. Section 23(h) of the Code provides that in computing net income...