26 USC 5732 – 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 subchapter until he has paid the special tax therefor.
(b) Computation
Terms Used In 26 USC 5732
- including: when used in a definition contained in this title shall not be deemed to exclude other things otherwise within the meaning of the term defined. See 26 USC 7701
- person: shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation. See 26 USC 7701
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Secretary: means the Secretary of the Treasury or his delegate. See 26 USC 7701
- taxpayer: means any person subject to any internal revenue tax. See 26 USC 7701
- trade or business: includes the performance of the functions of a public office. See 26 USC 7701
All special taxes under this subchapter 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 subchapter 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 subchapter, 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.