26 U.S.C. § 7501 — Liability for taxes withheld or collected
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 105 words · no verdicts yet
When a person must collect or withhold an internal revenue tax and pay it to the United States, the amount is held as a special fund in trust for the United States. The fund is assessed, collected, and paid in the same manner and under the same provisions and limitations as that tax; separate penalties are identified for violations.
(a) General rule: Whenever a person must collect or withhold an internal revenue tax from someone else and pay it to the United States, that collected amount is treated as a special trust fund* belonging to the United States. The fund is assessed, collected, and paid in the same manner and subject to the same provisions and limitations as that tax.
(b) Penalties: For the penalties that apply if this rule is violated, see sections 6672 and 7202.
Whenever any person is required to collect or withhold any internal revenue tax from any other person and to pay over such tax to the United States, the amount of tax so collected or withheld shall be held to be a special fund* in trust for the United States. The amount of such fund shall be assessed, collected, and paid in the same manner and subject to the same provisions and limitations (including penalties) as are applicable with respect to the taxes from which such fund arose.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 895.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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