Wager [Internal Revenue Code] Law and Legal Definition
According to 26 USCS § 4421 [Title 26. Internal Revenue Code; Subtitle D. Miscellaneous Excise Taxes; Chapter 35. Taxes on Wagering; Subchapter C. Miscellaneous Provisions], wager means--
“(A) any wager with respect to a sports event or a contest placed with a person engaged in the business of accepting such wagers,
(B) any wager placed in a wagering pool with respect to a sports event or a contest, if such pool is conducted for profit, and
(C) any wager placed in a lottery conducted for profit.”
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