CH. 35—TAXES ON WAGERING
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CHAPTER 35—TAXES ON WAGERING StTBCHAPTEB A. Tax on wagers. SUBCHAPTER B. Occupational tax. SUBCHAPTER C. Miscellaneous provisions.
Subchapter A—Tax on Wagers Sec. Sec. Sec. Sec. Sec.
4401. 4402. 4403. 4404. 4405.
Imposition of tax. Exemptions. Record requirements. Territorial extent. Cross references.
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SEC. 4401. IMPOSITION OF TAX.
(a) WAGERS.—There shall be imposed on wagers, as defined in section 4421, an excise tax equal to 10 percent of the amount thereof. (b) AMOUNT OF W A G E R. — I n determining the amount of any wager for the purposes of this subchapter, all charges incident to the placing of such wager shall be included; except that if the taxpayer establishes, in accordance with regulations prescribed by the Secretary or his delegate, that an amount equal to the tax imposed by this subchapter has been collected as a separate charge from the person placing such wager, the amount so collected shall be excluded. (c) PERSONS LIABLE FOR T A X. — E a c h person who is engaged in the business of accepting wagers shall be liable for and shall pay the tax under this subchapter on all wagers placed with him. Each person who conducts any wagering pool or lottery shall be liable for and shall pay the tax under this subchapter on all wagers placed in such pool or lottery. SEC. 4402. EXEMPTIONS.
No tax shall be imposed by this subchapter— (1) PARIMUTUELS.—On any wager placed with, or on any wager placed in a wagering pool conducted by, a parimutuel wagering enterprise licensed under State law, and (2) COIN-OPERATED DEVICES.—On any wager placed in a coinoperated device with respect to which an occupational tax is imposed by section 4461. SEC. 4403. RECORD
REQUIREMENTS.
Each person liable for tax under this subchapter shall keep a daily record showing the gross amount of all wagers on which he is so liable, in addition to all other records required pursuant to section 6001(a). SEC. 4404. TERRITORIAL EXTENT.
The tax imposed by this subchapter shall apply only to wagers (1) accepted in the United States, or (2) placed by a person who is in the United States (A) with a person who is a citizen or resident of the United States, or §4404(2)(A)
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