Volume 69
Public Law 84–354
To provide that the tax on admissions shall not apply to certain athletic events held for the benefit of the United States Olympic Association.
Approved August 11, 1955
Statutory text
AN ACT
To provide that the tax on admissions shall not apply to certain athletic events held for the benefit of the United States Olympic Association.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 4233 (a) of the Internal Revenue Code of 1954 (relating to exemptions
from the admissions tax) is hereby amended by adding at the end thereof the following new paragraph:
“(10) Athletic events for benefit of united states Olympic association.—
Any admissions to an athletic event, if (A) such event is conducted by the United States Olympic Association, or the conduct of such event for the benefit of such association is authorized in advance by such association, and (B) all the proceeds of the admissions inure exclusively to the benefit of such association.”
Sec. 2.
The amendment made by the first section of this Act shall apply only with respect to amounts paid on or after the first day of the first month which begins more than 10 days after the date of the enactment of this Act for admission on or after such first day.
Approved August 11, 1955.