Page:United States Statutes at Large Volume 101 Part 2.djvu/1244

 101 STAT. 1330-450 26 USC 5801.

PUBLIC LAW 100-203—DEC. 22, 1987

"SEC. 5801. IMPOSITION OF TAX.

"(a) GENERAL RULE.—On 1st engaging in business and thereafter on or before July 1 of each year, every importer, manufacturer, and dealer in firearms shall pay a special (occupational) tax for each place of business at the following rates: "(1) Importers and manufacturers: $1,000 a year or fraction thereof. "(2) Dealers: $500 a year or fraction thereof. "(b) REDUCED RATES OF TAX FOR SMALL IMPORTERS AND MANUFACTURERS.—

"(1) IN GENERAL.—Paragraph (1) of subsection (a) shall be applied by substituting '$500' for '$1,000' with respect to any taxpayer the gross receipts of which (for the most recent taxable year ending before the 1st day of the taxable period to which the tax imposed by subsection (a) relates) are less than $500,000. "(2) CONTROLLED GROUP RULES.—All persons treated as 1 taxpayer under section 5061(e)(3) shall be treated as 1 taxpayer for purposes of paragraph (1). '

"(3) CERTAIN RULES TO APPLY.—For purposes of paragraph (1),

rules similar to the rules of subparagraphs (B) and (C) of section 448(c)(3) shall apply." (2) CLERICAL AMENDMENT.—The table of sections for part I of subchapter A of chapter 53 is amended by striking out the item relating to section 5801 and inserting in lieu thereof the following new item: 26 USC 5081

note.

"Sec. 5801. Imposition of tax." (li) EFFECTIVE D A T E. —

(1) Iff GENERAL.—The amendments made by this section shall take effect on January 1, 1988. (2) ALL TAXPAYERS TREATED AS COMMENCING IN BUSINESS ON JANUARY 1, 1988.—

(A) IN GENERAL.—Any person engaged on January 1, 1988, in any trade or business which is subject to an occupational tax shall be treated for purposes of such tax as having 1st engaged in such trade or business on such date. (B) LIMITATION ON AMOUNT OF TAX.—In the case of a taxpayer who paid an occupational tax in respect of any premises for any taxable period which began before January 1, 1988, and includes such date, the amount of the occupational tax imposed by reason of subparagraph (A) in respect of such premises shall not exceed an amount equal to V2 the excess (if any) of— (i) the rate of such tax as in effect on January 1, 1988, over (ii) the rate of such tax as in effect on December 31, 1987. (C) OCCUPATIONAL TAX.—For purposes of this paragraph, the term "occupational tax" means any tax imposed under part II of subchapter A of chapter 51, section 5276, section 5731, or section 5801 of the Internal Revenue (Dode of 1986 (as amended by this section). (D) DUE DATE OF TAX.—The amount of any tax required to

be paid by reason of this paragraph shall be due on April 1, 1988.

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