this in plain text word for word from the IRS
"In ordinary parlance, a wagering “gain” means the amount won in excess of the amount bet
(basis). See Rev. Rul. 83-103, 1983-2 C.B. "
The revenue rule itself gives the litteral example . A better who places a $20 wager and wins $100,000 has a wagering gain of $99,800 and that is what would be classified as income.
The revenue rule is part of the tax code. The tax code is the land of the law. I am trying to understand what you are saying to discredit the revenue rules of the tax code.
