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...
Internal Revenue Code Section 6041 (1954)
Information at Source (a) Payments of $600 or more — All persons engaged in a trade or business and making payment in the course of such trade or business to another person, of rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinable gains, profits, and income (other than payments to which section 6042(a)(1), 6044(a)(1), 6047(e)...
Internal Revenue Code Section 6001
Notice or regulations requiring records, statements, and special returns Every person liable for any tax imposed by this title, or for the collection thereof, shall keep such records, render such statements, make such returns, and comply with such rules and regulations as the Secretary may from time to time prescribe. Whenever in the judgment of the Secretary it is necessary, he may require any...
Internal Revenue Code Section 165(d)
Wagering Losses (d) Wagering Losses — Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions. For purposes of the preceding sentence, in the case of taxable years beginning after December 31, 2017, and before January 1, 2026, the term “losses from wagering transactions” includes any deduction otherwise allowable under this...
Internal Revenue Code Section 165(a)
Losses (a)General rule — There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise. (August 16, 1954, chapter 736, 68A Stat. 49; Public Law 85–866, title I, §§ 7, 57(c)(1), title II, § 202(a), September 2, 1958, 72 Stat. 1608, 1646, 1676; Public Law 87–426, § 2(a), March 31, 1962, 76 Stat. 51; Public Law 88–272, title...
Internal Revenue Code Section 61(a) (1954)
Gross Income Defined (a) General definition — Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items: Compensation for services, including fees, commissions, fringe benefits, and similar items; Gross income derived from business; Gains derived from dealings in property; Interest; Rents;...
Internal Revenue Code Section 61 (1954)
Gross Income Defined (a) General definition — Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items: Compensation for services, including fees, commissions, fringe benefits, and similar items; Gross income derived from business; Gains derived from dealings in property; Interest; Rents;...