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Rev. Proc. 77-29, 1977-2 C.B. 538, provides guidelines to
taxpayers with respect to the maintenance of records relating to
gambling activities and describes records that generally will be
treated as sufficient to substantiate wagering gains and losses.
The records generally are to be contemporaneous with the gambling
activity, such as a log or diary, and are to reflect information
such as:
(1) Date and type of specific wagers or wagering activity;
(2) Name and location of gambling establishment;
(3) Names of other gamblers present;
(4) Amounts won and lost.
In addition, with regard specifically to slot machine
gambling, the maintenance and retention by taxpayers of wagering
tickets, bank withdrawals, credit records, and information
relating to specific slot machines is recommended in order to
provide credible and verifiable information as to the taxpayers’
gambling winnings and losses.
Although not completely clear from the record, it appears
herein that respondent’s ultimate pretrial concession to allow
decedent’s total claimed gambling losses was based essentially on
the same documentation that had been provided to respondent’s
examination office and Appeals Office. However, it also appears
that respondent’s concession was based on a significantly better
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Last modified: May 25, 2011