Internal Revenue Code:Sec. 5142. Payment of tax

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle E - Alcohol, Tobacco, and Certain Other Excise Taxes
       CHAPTER 51 - DISTILLED SPIRITS, WINES, AND BEER
        Subchapter A - Gallonage and Occupational Taxes
         PART II - OCCUPATIONAL TAX
          Subpart G - General Provisions
        

Statute

    Sec. 5142. Payment of tax
 
    (a) Condition precedent to carrying on business
      No person shall be engaged in or carry on any trade or business
    subject to tax under this part (except the tax imposed by section
    5131) until he has paid the special tax therefor.
    (b) Computation
      All special taxes under this part (except the tax imposed by
    section 5131) 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.
    (c) How paid
      (1) Payment by return
        The special taxes imposed by this part shall be paid on the
      basis of a return under such regulations as the Secretary shall
      prescribe.
      (2) Stamp denoting payment of tax
        After receiving a properly executed return and remittance of
      any special tax imposed by this subpart, 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.
 

Sources

    (Added Pub. L. 85-859, title II, Sec. 201, Sept. 2, 1958, 72 Stat.
    1346; amended Pub. L. 94-455, title XIX, Sec. 1905(a)(12), Oct. 4,
    1976, 90 Stat. 1820.)
 

Miscellaneous

                              PRIOR PROVISIONS
      A prior section 5142, act Aug. 16, 1954, ch. 736, 68A Stat. 624,
    consisted of provisions similar to those comprising this section,
    prior to the general revision of this chapter by Pub. L. 85-859.
      Prior section 5142(d) also contained a cross reference to a
    penalty and forfeiture provision for nonpayment of special taxes.
    See section 5148(1) of this title.
                                 AMENDMENTS
      1976 - Subsec. (c). Pub. L. 94-455 substituted provisions under
    which the special taxes would be paid on the basis of a return for
    provisions under which the special taxes were paid by stamps
    denoting the tax.
                      EFFECTIVE DATE OF 1976 AMENDMENT
      Amendment by Pub. L. 94-455 effective on first day of first month
    which begins more than 90 days after Oct. 4, 1976, see section
    1905(d) of Pub. L. 94-455, set out as a note under section 5005 of
    this title.