Pub. L. 95-502, tit. III, sec. 301

Sec. 301. (a) Section 513 of the Internal Revenue Code of 1954 (defining unrelated trade or business) is amended by adding at the end thereof the following new subsection: “(f) Certain Bingo Games.— (1) “In general.—The term ‘unrelated trade or business’ does not include any trade or business which consists of conducting bingo games. “(2) Bingo game defined.—For purposes of paragraph (1), the term ‘bingo game’ means any game of bingo— “(A) of a type in which usually— “(i) the wagers are placed, “(ii) the winners are determined, and “(iii) the distribution of prizes or other property is made, in the presence of all persons placing wagers in such game, “(B) the conducting of which is not an activity ordinarily carried out on a commercial basis, and “(C) the conducting of which does not violate any State or local law.” (b) The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1969.