
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC6419]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                Subtitle F--Procedure and Administration
 
              CHAPTER 65--ABATEMENTS, CREDITS, AND REFUNDS
 
               Subchapter B--Rules of Special Application
 
Sec. 6419. Excise tax on wagering


(a) Credit or refund generally

    No overpayment of tax imposed by chapter 35 shall be credited or 
refunded (otherwise than under subsection (b)), in pursuance of a court 
decision or otherwise, unless the person who paid the tax establishes, 
in accordance with regulations prescribed by the Secretary, (1) that he 
has not collected (whether as a separate charge or otherwise) the amount 
of the tax from the person who placed the wager on which the tax was 
imposed, or (2) that he has repaid the amount of the tax to the person 
who placed such wager, or unless he files with the Secretary written 
consent of the person who placed such wager to the allowance of the 
credit or the making of the refund. In the case of any laid-off wager, 
no overpayment of tax imposed by chapter 35 shall be so credited or 
refunded to the person with whom such laid-off wager was placed unless 
he establishes, in accordance with regulations prescribed by the 
Secretary, that the provisions of the preceding sentence have been 
complied with both with respect to the person who placed the laid-off 
wager with him and with respect to the person who placed the original 
wager.

(b) Credit or refund on wagers laid-off by taxpayer

    Where any taxpayer lays off part or all of a wager with another 
person who is liable for tax imposed by chapter 35 on the amount so laid 
off, a credit against such tax shall be allowed, or a refund shall be 
made to, the taxpayer laying off such amount. Such credit or refund 
shall be in an amount which bears the same ratio to the amount of tax 
which such taxpayer paid on the original wager as the amount so laid off 
bears to the amount of the original wager. Credit or refund under this 
subsection shall be allowed or made only in accordance with regulations 
prescribed by the Secretary, and no interest shall be allowed with 
respect to any amount so credited or refunded.

(Aug. 16, 1954, ch. 736, 68A Stat. 801; Pub. L. 94-455, title XIX, 
Sec. 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)


                               Amendments

    1976--Subsecs. (a), (b). Pub. L. 94-455 struck out ``or his 
delegate'' after ``Secretary''.

                  Section Referred to in Other Sections

    This section is referred to in section 6612 of this title.
