26 U.S.C. § 5732 — Payment of tax
submitted 68 years ago by Pub. L. 85-859 to r/title-26-INTERNAL-REVENUE-CODE · 204 words · no verdicts yet
A person may not operate a business subject to this subchapter’s special tax before paying it. The tax is calculated annually or proportionally for a business that starts during the year, paid by return, and acknowledged by a tax stamp except for past-period returns.
(a) A person may not engage in or operate a trade or business* subject to this subchapter until paying the special tax for it.
(b) The tax is imposed on July 1 each year, or when the business begins. For a July 1 assessment it covers one year. For a new business it is calculated proportionally from the first day of the month liability begins through June 30.
(c)(1) The special taxes are paid with a return under the Secretary’s regulations. (2) After receiving a properly completed return and payment, the Secretary* must issue an appropriate stamp showing payment. This does not apply to a return for a past period.
No person shall be engaged in or carry on any trade or business* subject to tax under this subchapter until he has paid the special tax therefor.
All special taxes under this subchapter shall be imposed as of on the first day of July in each year, or on commencing any trade or business on which such tax is imposed. In the former case the tax shall be reckoned for 1 year, and in the latter case it shall be reckoned proportionately, from the first day of the month in which the liability to a special tax commenced, to and including the 30th day of June following.
The special taxes imposed by this subchapter shall be paid on the basis of a return under such regulations as the Secretary* shall prescribe.
After receiving a properly executed return and remittance of any special tax imposed by this subchapter, the Secretary shall issue to the taxpayer* an appropriate stamp as a receipt denoting payment of the tax. This paragraph shall not apply in the case of a return covering liability for a past period.
Source credit: (Added Pub. L. 85–859, title II, § 201, Sept. 2, 1958, 72 Stat. 1346, § 5142; amended Pub. L. 94–455, title XIX, § 1905(a)(12), Oct. 4, 1976, 90 Stat. 1820; renumbered § 5732 and amended Pub. L. 109–59, title XI, § 11125(b)(20)(A), (B), Aug. 10, 2005, 119 Stat. 1956; Pub. L. 110–172, § 11(a)(32), Dec. 29, 2007, 121 Stat. 2487.)
- 1958Enacted · Pub. L. 85-859 · 72 Stat. 1346
- 1976Amended · Pub. L. 94-455 · 90 Stat. 1820
- 2005Amended · Pub. L. 109-59 · 119 Stat. 1956
- 2007Amended · Pub. L. 110-172 · 121 Stat. 2487
A history note hasn’t been published yet. The record shows enactment by Pub. L. 85-859 on 1958-09-02.
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