Claiming Gambling Losses on Your Tax Return

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Posted by admin | Posted on 27-02-2009

Category : General

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If you make any winnings in the gambling, you need to report the full amount of the winnings for the year on line 21 on Form 1040. You can deduct the losses you make from gambling for the year, on line 28 of form 1040 on Schedule A. However, you cannot deduct the losses from gambling which are more than your winnings! Also remember, this facility is not available to the non-resident aliens. They cannot deduct losses on gambling in schedule A.

In order to claim losses on gambling you need to know certain basic rules of IRS on the subject. Suppose you make a winning in gambling of $1000 and in the same year you make losses of $500, you cannot reduce your winnings by your gambling losses and the report the difference of $500. You have to report the full amount of your winnings as your income and then you can claim losses equal to the amount of winnings as an itemized deduction. So your records for gambling activity should show your winnings separately from your losses.

In order to claim losses in gambling, you need to keep proper records. You must keep a diary entering details of all the losses and winnings from gambling. The diary should contain the following information

The date and the type of your wagering activity. The location of the gambling establishment indicating the name and address. The names of persons present with you at the gambling establishment. The amount won or lost.

The maintenance is just one part of IRS requirements. In addition to the diary you must keep all the related documentation. This can include form W-2G (declaring Winnings from Gambling), Form 5754 (It’s a Statement by person who receives winnings from gambling), tickets for wagering, the credit card records including the bank statements showing withdrawals or receipts, payments slips provided to you by the gaming establishment.

These records are just suggestive. The tax liability depends on the facts of a particular winning or losing and the related circumstances.

Keno – the copies of the Keno tickets purchased by you and validated by a gambling establishment, copies of your casino credit records, and copies of your casino check Cashing records are required to be produced for winnings and losses from keno activity.

Slot machines – If you’re playing on these machines, a record of the machine number and all the winning date and time the machine was played.

Table games (including blackjack, poker, roulette, wheel of fortune etc) – the number of the table you are playing, Casino credit card details showing the credit issued.

Bingo – You should keep a record of the games you played, the cost of the tickets purchased and the amounts collected on winning tickets, any receipts from the casino and other relevant records.

Winnings from racing – a record of races you played, the amount of wagers, the amounts collected on winning tickets and amounts lost on losing tickets need to be produced.

Winnings from lotteries – a record of tickets purchased, the dates of purchase, winnings and losses are required to be kept. You can also keep unredeemed tickets and payments slips in support of your claim.

Many people never realize that winnings from gambling are taxable. And those who know it, tend to ignore it. However you should remember that the legal betting options like state lotteries, casinos and horse racing tracks are regulated by government agencies and IRS keeps a close track with these agencies. In fact that is the reason why the bells ring when you hit the slot. They’re shouting that someone is there to report your gambling information to the IRS.

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Poker Hands Ranked – Order of Winning Hands in Poker

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Posted by admin | Posted on 27-02-2009

Category : Arts And Entertainment

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Correctly understanding the rank of poker hands is a vitally important skill in all forms of poker. Once you have mastered the rank of poker hands you will be able to begin the journey towards becoming a profitable poker player – whether you play in a home poker game, casino or online.

Poker Hands Ranked below are in order from the strongest to the weakest.

Royal Flush

The royal flush is the strongest poker hand possible, this is the Ace, King, Queen, Jack and Ten all of the same suit. This is essentially a ‘Straight Flush’ with the highest possible cards.

Straight Flush

A straight flush is any straight that is all of the same suit. The highest straight flush is the Royal Flush as outlined above, Ace-2-3-4-5 of the same suit is the lowest possible straight flush.

4 of a kind (Quads)

Next in the poker hand rankings comes 4 of a kind. This is only beaten by a straight flush. 4 aces is the highest 4 of a kind hand.

Full House

A Full House is a hand that contains 3 of one type of card and 2 of another. For example K-K-K-4-4 is a full house known as ‘Kings Full of 4’s”. Where there are 2 full house hands make the hand with the highest card making the 3 component will win. For example 7-7-7-3-3 would beat 5-5-5-K-K

The Flush

A flush is made up of 5 cards of the same suit and will beat all the hands below. In the event of two players making a flush the one with the highest single card is the winner. For example if player 1 has 6-9-10-J-K of one suit he would lose to a player with 3-4-7-8-A of one suit – the ace high flush beating the K high flush regardless of the rank of the remaining cards.

The Straight

A straight is 5 cards in order, for example 5-6-7-8-9 regardless of suits. Aces can make low or high straights (A-2-3-4-5 or 10-J-Q-K-A). Straights do not wrap around from high to low, for example Q-K-A-2-3 is not a straight!

3 of a kind (Trips)

Any 3 of the same cards are known as trips. Where 2 players end up with the same trips the rank if the remaining cards is taken into account. For example if both players end up with 9-9-9 but one holds an Ace while the highest card the other holds is a ten then the player with 9-9-9-X-A would win the hand.

2 pairs

2 pair hands are fairly low in the poker hand ranking chart and are beaten by all of the hands mentioned above. Again when 2 players have the same 2 pairs the one with the higher unpaired card will win the hand. In a game with community cards such as texas Holdem the highest card may already be on the board leading to a split pot. Remember to compare the best 5-card hands in this situation.

1 Pair

Single pairs are near the bottom of poker hand rankings – as with 2 pair and trips hands kickers (highest unpaired cards) may come into play where 2 or more players hold the same pair.

High Card Only

In the unusual event of reaching a showdown with no players holding any of the hands above the highest card wins. If (for example) both players hold an Ace then the next highest card is taken into account. Once again remember that in community card games such as holdem the best 5 card hand wins – for example if the board were 7-8-9-K-A and both players held just Queen-high then the pot would be split if both players other card was 9 or below.

Gl at the Tables.

Mark

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Poker Calculator Report: Holdem Pirate and Holdem Hawk Banned by Poker Stars

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Posted by admin | Posted on 25-02-2009

Category : Arts And Entertainment

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Since the Party Poker collapse last fall, Poker Stars has emerged as the indisputable leader in sheer numbers of online poker players. They have the biggest tournaments, the most active tables, the biggest cash games, and the quickest filling sit and go tournaments online. With that comes power – the power to choose your partners, affiliates, and closer to our point; acceptable software.

Long have I been recommending Holdem Hawk and Holdem Pirate (they are actually the same) poker calculators as easy to use and visibly pleasing poker calculators. Recently though, these products have pushed the boundaries of acceptable use, at least in the view of Poker Stars, and hence have been banned from use on that site. This is sad news, as a decent product, not unlike some of the acceptable software allowed by Stars, is now virtually grounded because the biggest poker site on the planet thinks it’s too closely related to an Operative Poker Calculator.

An Operative Poker Calculator is like a secret agent working for you, collecting and mining player information that you can use against them later on. The thing is, you don’t have to be at the table for this to happen. The software (database) is working all the time for you. For most poker sites, that is over the line of fairness, just as in real life as well.

But Holdem Pirate and Holdem Hawk are actually Empirical Poker Calculators, just the same as Holdem Indicator is. These types of poker calculators only collect information on your opponents when you are at the table, just like you were playing in a live situation.

So why the Poker Stars Smack? Here is an actual warning I received from Poker Stars while running Holdem Pirate:

Upon a review of your account, we find that you are running an external application known as Poker Sherlock, or its related applications, Poker Edge, PokerBotPro, Holdem Hawk and Holdem Pirate……PokerStars shall be entitled to take such action as it sees fit, including immediately blocking access to the Games to such User, terminating such User’s account with PokerStars and seizing all monies held in the relevant Poker Stars “real money account”.

Hey, did you notice the “seizing all monies” line? That’s what you can do when you are this big!

The “related applications” is the source of the problem. The company that designed Hawk and Pirate also make Poker Edge and PokerBotPro, which are data miners. In fact, I believe that Stars suspects Hawk and Pirate actually mine data for these related products, while appearing like an Empirical Poker Calculator on the surface.

So therein lays the crux of the problem. If you happen to play on Stars and have Hawk or Pirate, you are out of luck, as I have tried to reverse this ruling. I got a polite response from the staff at Poker Stars, but really, it’s not likely to change. The good news though is that Holdem Indicator has been added to Poker Stars acceptable software list, and it is the only empirical calculator to be approved by them.

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Online Gambling Rules

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Posted by admin | Posted on 25-02-2009

Category : Arts And Entertainment

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Online gambling rules are simple and once understood, players can begin gambling from the comfort of their home. There are several common online gambling rules that a player needs to follow.

The most important rule is the legal age limit for a gambler and is fixed at eighteen years of age. This means that no one under the age of eighteen can play games on the Internet. The terms and conditions given on gambling sites can be helpful in further understanding the rules of on-line gambling.

Many gambling sites insist that the player download the software, which is required for playing online games. The compatibility of the player’s computer is important because it determines the efficiency and speed of the software that is to be downloaded.

Online accounts are mandatory if the player wants to bet or gamble and these accounts can be opened when the player makes an initial deposit. The method of payment may differ according to the casino, site, or country from which the player gambles. The rules about proper deposition of money are usually given on the site itself.

Sometimes bonuses are offered for players who have opened new accounts and the rules regarding the percentage of bonus are different for various sites. Some sites have even gone ahead and banned American players from gambling on their sites because of the ambiguity of American gambling laws. Some states such as Illinois have banned Internet gambling but other state laws allow it.

Although states such as Illinois have banned Internet gambling, gaming for charitable reasons is not banned. Non-profit organizations and other such institutions are allowed to host gambling games for pro-bono purposes.

The online gaming industry is constantly expanding and people are more inclined to play on-line because of the many advantages that the on-line casino and gambling industry provides. The rules and regulations of online gambling may slowly change over the years because of the large influx of players in this business.

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Poker Strategy – Tips And Tricks In Playing Poker

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Posted by admin | Posted on 24-02-2009

Category : Arts And Entertainment

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Now that Poker is becoming more famous, people are looking for different ways and strategies that they could use in order to win the game. There are different strategies that one can use in playing poker. Depending on where they plan to play in casinos or online or the type of game they would play, if it would be Texas Hold’em, Omaha Hold’em or Seven Card Stud. All of these should be taken into consideration when choosing a strategy to use.

But first one needs to know the basic strategies that can be used anywhere with any type of game. On casinos or when you are playing with the other players around you and can see you, the number one rule is to show little to no emotions at all. Other players would be able to guess the type of card you have on hand base on reaction so as people say it keep a “poke” face. Through this other players will not be able to tell what you have and it could be as good as anyone’s guess. If one decided is to join a game for the first time one should act aggressively so as the other players who usually plays will not be little you. Avoid chases as much as you can when you have a weak hand for this could result to loosing a lot of money. If you think that the chance of winning is less then 50% then by all means fold. One would rather lose small amount of bet then a big one right?

For online gaming, even without the presence of the player, one can easily give away clues of their cards by betting big every time. Pace your betting strategy do not give away a good hand by betting off a lot of money at the start of the game.

As for strategy for different types of games, one should not base their bet on the initial cards given in the Texas Hold’em Card game. This is the common mistakes done by a novice player. One should base their bet on the next three faced-up cards called the flop for these three cards would give one a bigger picture of its hand.

For Omaha Hi or Omaha Hi Lo players should always get two hands from their four hand card never use just one or all four always choose that could possibly form the combination of High or Low. Never depend on the five faced-up cards for a good hand, always start on the hand that one already has.

Seven Card Stud Poker requires more skills and strategies it is everyone’s game. In this game one should be wise enough to base their decision not only from ones’ hand but also from the faced-up card of the opponent. From the opponents’ faced-up card one would know if the chance of having a flush or same suit is possible. If one is aiming for a same suit and one see more of that suit spread through out the other players’ faced-up card then the chances to win in a same suit would be lowered.

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Learn to Play Casino Craps – The Horn Bet and Whirl Bet

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Posted by admin | Posted on 23-02-2009

Category : Arts And Entertainment

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Be smart, play smart, learn how to play casino craps the right way!

The Horn bet is a one-roll bet combining the numbers 2, 3, 11, and 12. Yes, it sounds like a C&E bet, but there’s a subtle difference. The Horn bet is actually four separate bets on the 2, 3, 11, and 12; therefore, your bet amount should be divisible by four. Like the 3-Way Craps bet, when you win a Horn bet, you win on the number that shows and lose the other three bets. If a 2 shows, the payoff is 30:1; and your 3, 11, and 12 lose. If a 12 shows, the payoff is 30:1; and your 2, 3, and 11 lose. If a 3 shows, the payoff is 15:1; and your 2, 11, and 12 lose. If an 11 slows, the payoff is 15:1; and your 2, 3, and 12 lose. The boxes for the 2, 3, 11, and 12 are clearly marked in the proposition area. Since the dealer controls the Horn bet (keep your hands off), he puts one fourth of your chips in each of the 2, 3, 11, and 12 boxes. (Some layouts include a box for the Horn bet.)

Be careful making Horn bets that don’t result in whole numbers after being split (i.e., when the dealer divides your chips into four equal amounts). If you win and the resulting payoff includes a fraction of a dollar, the casino can’t pay you that fraction, so they keep it for themselves. Many players are lazy and don’t like counting out four $1 chips, which are also hard to toss to the middle of table without making a mess. They’d rather toss a single $5 chip, and say something like, “Horn high twelve.” The dealer makes four non-fractional bets and puts the leftovers on the number called. For a $5 “Horn High 12,” the dealer changes the $5 chip into five $1 chips, and then puts $1 on each of the 2, 3, 11, and 12. He then adds the remaining $1 to the 12; thereby, making the 12 a $2 bet (i.e., “higher” than the other three bets).

The Whirl bet (sometimes called “World”) is a one-roll bet combining the Horn bet with the Any Seven. The Whirl bet is actually five separate bets on the 2, 3, 11, 12, and 7; therefore, your bet amount should be divisible by five. The Whirl bet wins if a 2, 3, 11, 12, or 7 shows, and loses if any other number shows. If a 2 shows, the payoff is 30:1; and your 3, 11, 12, and 7 lose. If a 12 shows, the payoff is 30:1; and your 2, 3, 11, and 7 lose. If a 3 shows, the payoff is 15:1; and your 2, 11, 12, and 7 lose. If an 11 shows, the payoff is 15:1; and your 2, 3, 12, and 7 lose. If a 7 shows, the payoff is 4:1; and your 2, 3, 11, and 12 lose.

Depending on the table layout, the Whirl bet may or may not have its own box in the center of the table. For layouts that don’t, the dealer typically divides your chips into five equal amounts and places them in the 2, 3, 11, 12, and Any Seven boxes. Be careful making Whirl bets that don’t result in whole numbers after dividing your total bet by 5. If you win and the resulting payoff includes a fraction of a dollar, the casino can’t pay you that fraction, so they keep it for themselves. Unless you’re good at math and can calculate in your head whether fractional bets will result in a whole-number payoff, it’s best to simply toss the dealer an amount divisible by five to avoid the potential for dealing with cents.

Now you know! Remember, learn how to play casino craps the right way.

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Casino System – Use a Casino System to Collect Bonuses

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Posted by admin | Posted on 23-02-2009

Category : Arts And Entertainment

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Wanting to collect bonuses from online casinos to make some real money? Well, then you may want to start using a good casino system. There are many systems out there that you can use to not only learn how to collect bonuses, but that will help you learn how to play the games online to walk away with the money as well. So, let’s take a look at how using one of these systems can really help you out if you want to gamble online to make a profit.

Find the Best Bonuses
First of all, you’ll find that a good casino system can help you to find the best bonuses out there. You want to look around and find the sites that offer excellent bonuses so that you can take advantage of them. Well, you’ll find that some of these systems will actually help you to find the best places to go for great bonuses. The better the bonuses are, the m ore money you are able to walk away with, so look closely.

Learn to Play Just Enough
In order to get these bonuses, you usually have to do some playing at the online casinos, so you’ll need to learn to play just enough. You’ll find that a good casino system can help you learn how much to play and what to play so you have the best chance of walking away with the casino bonuses and more money that you won playing as well. You’ll learn the ways to beat the games in order to walk away with some great profits.

Walk Away with the Bonus
Walking away with the bonus is what you want to do, and you really can do it if you have some good guidance form a good casino system. The Casino Cash Cow is a great guide and system that will help you learn how to play just enough to walk with great bonuses so that you can make some great money. When you use this guide, not only will you learn about how to walk with great bonuses, but you’ll also be able to make money on some casino games as well.

So, it is easy to see that a good casino system can really be a huge help to you. You’ll be able to find the best bonuses, learn to play just enough to walk away with the bonus, and also how to win enough playing online casino games to walk away with some nice profit as well.

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How to Stop Compulsive Gambling – Also Known as Pathological Gambling and Gambling Problems

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Posted by admin | Posted on 23-02-2009

Category : Self Improvement

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It is estimated that as many as 5% of the adult population is at risk of developing gambling problems such as compulsive gambling. Many people find relief from this progressive illness by attending and taking part in meetings and a twelve step program such as the one offered by Gamblers Anonymous. Most therapists agree that using several forms of therapy to combat the problem of compulsive gambling offers the best chances of success.

Other than a support group such as GA, private therapy is also useful. Another method that shows great promise and offers the compulsive gambler some comfort and relief from the torment of the urge to gamble is guided meditation for relaxation. It is an easy way to program his or her own brain with a positive message that replaces the urge.

Meditation has been shown to relieve stress, as well as improving self esteem, and mental functions such as concentration. Meditation, like hypnosis, and certain applications of bio-feedback, as adjunctive therapy, has helped many people with addictions to relax and feel good while lessening the compulsive urges to satisfy their addictive behavior.

People report feeling better after meditation and feeling more relaxed throughout the day. Some report sleeping better and being able to concentrate and think more clearly. Meditation is easy to do, there is no way to fail at it, so people quickly get the benefits from it and often report feeling better after their first half hour. The effects also seem to be cumulative getting better and better the more the client meditates.

Some people join groups to meditate while others learn by doing it privately in their own homes using cds or MP3 files such as the ones that can be downloaded from the internet or even listened to online at… guided meditations for gambling problems.

The biggest benefits seem to be that they may be taken almost anywhere and used by listening to an MP3 player and headphones. That person wearing headphones and riding beside you on a bus or plane may be listening to a relaxing guided meditation and easily programming his or her mind to calm the urge to gamble or do some other destructive behavior.

The key to successfully using these relaxing guided meditations is repetition and a positive attitude. Because they are so simple to use many people are now using them on a daily basis.

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How to Stop Compulsive Gambling – Self Hypnosis For Gambling Addiction

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Posted by admin | Posted on 22-02-2009

Category : Self Improvement

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When you need compulsive gambling help you may not know where to turn. There is a certain stigma that goes along with admitting you need help with this problem. As a result there are many who never admit the need for help and find themselves deeper and deeper in trouble and debt. If you suffer from a compulsion to gamble there is help, in the form of treatment that is available to you in a manner that allows you some degree of anonymity that is increasingly lacking in gambler’s anonymous groups today.

Overcoming Addiction to Gambling

Any addiction is a painful thing to admit and often takes a lot of work, love, and support to overcome. The sad truth though is that these things are often in short supply by the time you admit you need compulsive gambling help.

Most of the time you have borrowed money, overstayed welcomes, and driven away those who love you most before you decide to get the treatment you need to overcome your addiction. Gamblers are some of the most difficult people to help overcome their compulsion but often have the most to gain by doing so.

Identifying the Problem

Most compulsive gamblers do not believe they have a problem. They believe they have fallen on hard times or that the next big hit is just around the corner. The problem is that it might be. The odds of that though are generally slim. Gambling draws people in with promises of wealth and then quickly breaks those promises.

The compulsive gambler though is no longer lured by the promise of the big hit. Instead, you are compelled to roll the dice one more time. If you win though, you won’t be able to walk away. Instead, you will play it all back.

Getting Help with NLP

Neuro-Linguistic Programming is a great way to give you the compulsive gambling help you need to get your life back on track. Gambling has taken so many things from you, it is time you get the help you need to treat this problem. Gambling addiction hypnotherapy has proven to be very successful in the past for treating this particular compulsion.

Self-hypnosis can teach you to turn off the mental triggers that compel you to gamble and replace them with some sort of positive behavior. This type of behavioral modification can be exactly what is needed to get your life back on track. Putting the mind back in control of the body is the only way you can truly overcome addiction and retake control of your life.

You can become your own support system and will never need to feel as though you are walking through the lonely road of addiction by yourself again. Self-help hypnosis recordings can be the key to putting your mind firmly in control of your addiction once and for all. They also supply the support system you are probably lacking as a result of your need for compulsive gambling help; are you ready to make huge changes in your life?

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Collecting Las Vegas Casino Chips

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Posted by admin | Posted on 21-02-2009

Category : Home And Family

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New collecting hobbies pop up all of the time around the globe. One collecting hobby that is seeing an increase in participation is Las Vegas casino chip collecting. Most people get started in collecting casino chips by accident. When people visit Las Vegas they sometimes forget to cash in the left over casino chips before leaving town. Over time most build up a little collection and think nothing about it. Casino chip collecting is an addictive hobby as Vegas casinos are forever releasing commemorative and limited edition chips all the time. At the same time, old Vegas casinos are being knocked down and replaced with newer and glitzier gambling casinos. This makes casino chips from the older casinos rare to find. Over the years these will become vintage casino chips and will be harder and harder to find. Poker chips and regular casino chips mostly come in regular denominations from one dollar on up. Most of the extensive chip collections focus on face values of one hundred dollars on down. Many collectors have cases designed to display some of there rarest and oldest chips in their collection.

When you begin collecting, I suggest visiting as many casinos as you can and at the very least pick up a dollar chip from each casino you stop at. A good twenty dollars is nothing to budget aside to pick up these gems. Make sure to stop by the Hard Rock Casino as they are constantly releasing chips of upcoming events and musical acts. There are also many stores and shops online that sell casino chips. Ebay is also becoming a fantastic trading ground for collectors around the world. there are chip collecting organizations forming all the time and can be found very easily on the internet.

So next time you are booking a trip to Las Vegas, make sure to set aside some luggage space and cold hard cash to dedicate to your casino chip collection. It is a great gamble and their is a good bet they will increase in value down the road.

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