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.
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.
The special taxes imposed by this part 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 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.
(Added Pub. L. 85–859, title II, §201, Sept. 2, 1958, 72 Stat. 1346; amended Pub. L. 94–455, title XIX, §1905(a)(12), Oct. 4, 1976, 90 Stat. 1820; Pub. L. 109–59, title XI, §11125(b)(20)(A), Aug. 10, 2005, 119 Stat. 1956.)
Pub. L. 110–172, §11(a)(32), Dec. 29, 2007, 121 Stat. 2487, provided that paragraph (2) of subsection (c) of section 5732 of this title, as redesignated by section 11125(b)(20)(A) of Pub. L. 109–59, is amended by striking “this subpart” and inserting “this subchapter”. See note below.
Pub. L. 109–59, title XI, §11125(b)(20)(A), (c), Aug. 10, 2005, 119 Stat. 1956, 1957, provided that, effective July 1, 2008, but inapplicable to taxes imposed for periods before such date, this section is redesignated section 5732 of this title and transferred to subchapter D of chapter 52 of this title.
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 5149(1) of this title.
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.
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.