26 U.S.C. § 4411: Imposition of tax

There shall be imposed a special tax of $500 per year to be paid by each person who is liable for the tax imposed under section 4401 or who is engaged in receiving wagers for or on behalf of any person so liable. any person whose liability for tax under section 4401 is determined only under paragraph (1) of section 4401(a), and any person who is engaged in receiving wagers only for or on behalf of persons described in paragraph (1). Any person who, on December 1, 1974 , is engaged in an activity which makes him liable for payment of the tax imposed by section 4411 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as in effect on such date) shall be treated as commencing such activity on such date for purposes of such section and section 4901 of such Code. became liable for and paid the tax imposed by section 4411 of the Internal Revenue Code of 1986 (as in effect on July 1, 1974 ) for the year ending June 30, 1975 , shall not be liable for any additional tax under such section for such year, and registered under section 4412 of such Code (as in effect on July 1, 1974 ) for the year ending June 30, 1975 , shall not be required to reregister under such section for such year.”