- 8 - 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 betterPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011