To All,
When talking about casno chips obsolete for the Federal Government (IRS) means the chip can no longer be cashed back in at the casino from which it was issued.

This also means the casino MUST bring into income all value assigned to "outstanding chip liabillty" for that particular issue.

Atlantic City casinos have TRIED to circumvent this issue by claiming the chip can be cashed in forever. The IRS didn't buy this arguement. Atlantic City Gaming Division to the best of my knowledge did.

Best, Jim