26 U.S.C. § 4402 — Exemptions
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 144 words · no verdicts yet
This section lists wagers and devices that are exempt from the tax imposed by the subchapter. The exemptions cover certain parimutuel wagers, coin-operated devices, and State-conducted lotteries and pools.
No tax shall be imposed by this subchapter— (1) Parimutuels On any wager* placed with, or on any wager placed in a wagering pool conducted by, a parimutuel wagering enterprise licensed under State law, (2) Coin-operated devices On any wager placed in a coin-operated device (as defined in section 4462 as in effect for years beginning before July 1, 1980 ), or on any amount paid, in lieu of inserting a coin, token, or similar object, to operate a device described in section 4462(a)(2) (as so in effect), or (3) State-conducted lotteries, etc. On any wager placed in a sweepstakes, wagering pool, or lottery* which is conducted by an agency of a State acting under authority of State law, but only if such wager is placed with the State agency conducting such sweepstakes, wagering pool, or lottery, or with its authorized employees or agents.
No tax shall be imposed by this subchapter—
On any wager* placed with, or on any wager placed in a wagering pool conducted by, a parimutuel wagering enterprise licensed under State law,
On any wager placed in a coin-operated device (as defined in section 4462 as in effect for years beginning before July 1, 1980), or on any amount paid, in lieu of inserting a coin, token, or similar object, to operate a device described in section 4462(a)(2) (as so in effect), or
On any wager placed in a sweepstakes, wagering pool, or lottery* which is conducted by an agency of a State acting under authority of State law, but only if such wager is placed with the State agency conducting such sweepstakes, wagering pool, or lottery, or with its authorized employees or agents.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 525; Pub. L. 85–859, title I, § 152(b), Sept. 2, 1958, 72 Stat. 1305; Pub. L. 89–44, title IV, § 405(a), title VIII, § 813(a), June 21, 1965, 79 Stat. 149, 170; Pub. L. 94–455, title XII, § 1208(a), Oct. 4, 1976, 90 Stat. 1709; Pub. L. 95–600, title V, § 521(c)(1), Nov. 6, 1978, 92 Stat. 2884.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
- 1958Amended · Pub. L. 85-859 · 72 Stat. 1305
- 1965Amended · Pub. L. 89-44 · 79 Stat. 149, 170
- 1976Amended · Pub. L. 94-455 · 90 Stat. 1709
- 1978Amended · Pub. L. 95-600 · 92 Stat. 2884
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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