26 U.S. Code § 4421 - Definitions
prev | next
DefinitionsFor purposes of this chapter—
(1) WagerThe term “wager” means—
any wager placed in a wagering pool with respect to a sports event or a contest, if such pool is conducted for profit, and
(2) LotteryThe term “lottery” includes the numbers game, policy, and similar types of wagering. The term does not include—
(A) any game of a type in which usually
the wagers are placed,
any drawing conducted by an organization exempt from tax under sections 501 and 521, if no part of the net proceeds derived from such drawing inures to the benefit of any private shareholder or individual.
(Aug. 16, 1954, ch. 736, 68A Stat. 528.)
LII has no control over and does not endorse any external Internet site that contains links to or references LII.