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26 U.S.C. § 4901 — Payment of tax

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 117 words · no verdicts yet

in plain englishAI-generated · not legal advice

A person must pay the special tax before conducting a trade or business subject to the wagering tax. The special tax is calculated for a full year beginning July 1, or proportionally when the business begins.

(a) A person may not conduct a trade or business subject to the tax imposed by section 4411 (wagering) until the person has paid the required special tax. (b) Special taxes are imposed on July 1 each year, or when a taxable trade or business begins. In the July 1 case, the tax covers one year. In the business-starting case, it is calculated proportionally from the first day of the month when the tax liability began through June 30 that follows.
the actual law source: uscode.house.gov ↗public domain
(a) Condition precedent to carrying on certain business

No person shall be engaged in or carry on any trade or business subject to the tax imposed by section 4411 (wagering) until he has paid the special tax therefor.

(b) Computation

All special taxes 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.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 593; Pub. L. 89–44, title IV, § 405(b), June 21, 1965, 79 Stat. 149; Pub. L. 91–513, title III, § 1102(a), Oct. 27, 1970, 84 Stat. 1292; Pub. L. 94–455, title XIX, § 1904(a)(19), Oct. 4, 1976, 90 Stat. 1814; Pub. L. 95–600, title V, § 521(c)(2), Nov. 6, 1978, 92 Stat. 2884.)

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736
  • 1965Amended · Pub. L. 89-44 · 79 Stat. 149
  • 1970Amended · Pub. L. 91-513 · 84 Stat. 1292
  • 1976Amended · Pub. L. 94-455 · 90 Stat. 1814
  • 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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