When calculating adjusted gross proceeds for the purpose of applying the tax imposed by §§ 42-7B-28 and 42-7B-28 .1: (1) Free play value provided by the operator is not included in the gross proceeds; (2) Cash prizes deducted are adjusted to not include an amount equal to ninety percent of the free play value provided by the operator; and (3) The federal excise tax on sports wagers imposed by 26 U.S.C. § 4401 (1982) is a deduction from the adjusted gross proceeds.
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