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CHAPTER 103 BINGO Prior to 12/17/86, Revenue Department 730, Ch 94 Prior to 11/18/87, Racing and Gaming Division 195 Prior to 6/14/89, Racing and Gaming Division 491, Ch 23 Prior to 9/5/90, this chapter
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Chapter 103 bingo refers to the regulations and requirements set forth in Chapter 103 of the Internal Revenue Code relating to reporting and taxation of bingo games.
Nonprofit organizations and other entities that host bingo games and meet certain criteria are required to file chapter 103 bingo.
Chapter 103 bingo forms can be filled out online through the IRS website or through a tax preparation software. The forms must include information about the bingo games held, prizes awarded, and expenses incurred.
The purpose of chapter 103 bingo is to ensure that bingo games are conducted in a fair and legal manner, and to report any income generated from such games for taxation.
Entities filing chapter 103 bingo must report details of the bingo games conducted, prizes awarded, expenses incurred, and any income generated from the games.
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