Code · BILL · 113th Congress · H.R. 1 (Introduced in House) — To amend the Internal Revenue Code of 1986 to provide for comprehensive tax reform. · Sec. 1407

Sec. 1407. Limitation on wagering losses

55 words·~1 min read·/bill/113/hr/1/ih/section-1407

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Section 165(d) is amended by adding at the end the following: For purposes of the preceding sentence, the term . losses from wagering transactions includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction. The amendments made by this section shall apply to taxable years beginning after December 31, 2014.