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...