Page:United States Statutes at Large Volume 68A.djvu/842

 802

INTERNAL REVENUE CODE OF 1954

regulations prescribed by the Secretary or his delegate, (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 or his delegate 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 or his delegate, 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 or his delegate; and no interest shall be allowed with respect to any amount so credited or refunded. SEC. 6420. CROSS REFERENCES. (1) For limitations on credits and refunds, see subchapter B of chapter 66. (2) For overpayment arising out of adjustments incident to involuntary liquidation of inventory, see section 1321. (3) For overpayment in case of adjustments to accrued foreign taxes, see section 905(c). (4) For credit or refund in case of deficiency dividends paid by a personal holding company, see section 547. (5) For refund, credit, or abatement of amounts disallowed by courts upon review of Tax Court decision, see section 7486. (6) For abatement or refund of tax on transfers to avoid income tax, see section 1494(b). (7) For abatement or refund in case of tax on silver bullion, see section 4894. (8) For overpayment in certain renegotiations of war contracts, see section 1481. (9) For refund or redemption of stamps, see chapter 69. (10) For abatement, credit, or refund in case of jeopardy assessments, see chapter 70. (11) For treatment of certain overpayments as having been refunded, in connection with sale of surplus war-built vessels, see section 9(b)(8) of the Merchant Ship Sales Act of 1946 (60 Stat. 48; 50 U.S.C. App. 1742). (12) For restrictions on transfers and assignments of claims against the United States, see R. S. 3477 (31 U.S.C. 203). (13) For set-off of claims against amounts due the United States, see the act of March 3, 1875, as amended by section 13 of the act of March 3, 1933 (47 Stat. 1516; 31 U.S.C. 227). (14) For special provisions relating to alcohol and tobacco taxes, see sections 5011, 5044, 5057, 5063, 5705, and 5707.

§ 6419(a)

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