26 U.S.C. § 4402
§ 4402. Exemptions
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Last changed November 6, 1978 by the Revenue Act of 1978.
Every change, newest first (5)
- November 6, 1978Revenue Act of 1978
- October 4, 1976Tax Reform Act of 1976
- June 21, 1965Public Law 89-44
- September 2, 1958Technical Amendments Act of 1958
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
No tax shall be imposed by this subchapter—
On any wager placed with, or on any wager placed in a wagering pool conducted by, a parimutuel wagering enterprise licensed under State law,
On any wager placed in a coin-operated device (as defined in section 4462 as in effect for years beginning before July 1, 1980), or on any amount paid, in lieu of inserting a coin, token, or similar object, to operate a device described in section 4462(a)(2) (as so in effect), or
On any wager placed in a sweepstakes, wagering pool, or lottery which is conducted by an agency of a State acting under authority of State law, but only if such wager is placed with the State agency conducting such sweepstakes, wagering pool, or lottery, or with its authorized employees or agents.