Estate of Graciano V. Espinoza, Deceased, Elvira Expinoza, Executrix - Page 8

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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