|Other titles||Allowance for loss of distilled spirits in internal revenue warehouses, with minority report|
|Contributions||United States. Congress. House. Committee on Ways and Means|
|The Physical Object|
|Number of Pages||18|
CalendarNo. 81ST CONGRESS SENATE (REPror 2dSession f No. ADDITIONAL METHODS OF TRANSFER AND PAYMENT OF TAX, AND LOSS ALLOWANCES, FOR DISTILLED SPIRITS JANUARY6 (legisla. Section (b)(1) of the Internal Revenue Code of and 26 CFR (a) provide that when it is found that a package of distilled spirits in bond has sustained a loss due to theft or unauthorized voluntary destruction, immediate taxpayment of the original quantity of spirits entered for deposit in storage in the package may be required. Subchapter C—Operation of Distilled Spirits Plants (§§ – ) Subchapter D—Industrial Use of Distilled Spirits (§§ – ) Subchapter C, Internal Revenue bonded warehouses, comprising sections to and to Subchapter D. Transportation to and deposit in a manufacturing bonded warehouse; or; Transfer to and deposit in a customs bonded warehouse as provided in 27 CFR The provisions of 27 CFR provide for the shipment of untaxpaid distilled spirits to the U.S. armed forces for use overseas. Notice.
BWPs are required to immediately notify TTB and may be required to file a claim for allowance of loss for the loss or destruction in bond of wine or spirits including losses (a) in transit, (b) by fire or other casualty, or (c) any other extraordinary or unusual losses, including a loss by theft or bulk inventory losses over the allowable. The laws administered by TTB, specifically the Internal Revenue Code of at 26 U.S.C. , provide for the establishment of experimental distilled spirits plants for the production and use of distilled spirits for experimental research. Common Compliance and Tax Issues Found During Distilled Spirits Plant (DSP) Audits. In support of TTB's mission to assist industry members in understanding and complying with the Federal tax, product, and marketing requirements associated with the commodities we regulate, we present here some of the common compliance and tax issues we have encountered during distilled spirits plant . Procedural instructions in respect of claims for: (1) Drawback of internal revenue tax on distilled spirits, wines, or beer for export, use as supplies on certain vessels or aircraft, or deposit in a foreign-trade zone, or deposit of distilled spirits or wine in a customs bonded warehouse, and. (2) Remission of tax on distilled spirits, specially denatured spirits, wines, or beer, withdrawn without payment or free of .
date, provided for an allowance for the loss of distilled spirits deposited in bonded warehouses notto exceed one proofgallon for two months for the time the spirits remained, and for loss for various periods to three years, and for loss up to seven and a half gallons. This loss was to be ascertained upon a regauge made upon demand ofthe ownerofthe spir-its, but the allowance for loss was in . This comprehensive and authoritative resource provides full, unabridged text of the complete Internal Revenue Code in two volumes. CCH offers this tax information in a timely and reliable manner that business and tax professionals have come to expect and appreciate. This Summer Edition of Internal Revenue Code reflects all new statuatory tax changes through June By section , as amended by the act of , (21 St. ,) provision is made for the entry and deposit of all spirits removed to the distillery warehouse, requiring that 'the said distiller or owner shall at the time of making said entry give his bond * * * conditioned that the principal named in said bond shall pay the tax on the spirits as specified in the entry, or cause the same to be paid, before removal from . Limitation on Quantity of Spirits Removed from Warehouse. - No distilled spirits shall be removed from any distillery, distillery warehouse, or bonded warehouse in quantities of less than fifteen (15) gauge liters at any one time, except bottled goods, which may be removed by the case of not less than twelve (12) bottles. SEC.