26 USC 5011 - Income tax credit for average cost of carrying excise tax

U.S Code last checked for updates: Nov 22, 2024

§ 5011.

Income tax credit for average cost of carrying excise tax

(a)

In general

For purposes of section 38, the amount of the distilled spirits credit for any taxable year is the amount equal to the product of—

(1)

in the case of—

(A)

any eligible wholesaler, the number of cases of bottled distilled spirits—

(i)

which were bottled in the United States, and

(ii)

which are purchased by such wholesaler during the taxable year directly from the bottler of such spirits, or

(B)

any person which is subject to section 5005 and which is not an eligible wholesaler, the number of cases of bottled distilled spirits which are stored in a warehouse operated by, or on behalf of, a State or political subdivision thereof, or an agency of either, on which title has not passed on an unconditional sale basis, and

(2)

the average tax-financing cost per case for the most recent calendar year ending before the beginning of such taxable year.

(b)

Eligible wholesaler

(c)

Average tax-financing cost

(1)

In general

(2)

Deemed financing rate

(3)

Deemed Federal excise tax per case

(d)

Other definitions and special rules

For purposes of this section—

(1)

Case

(2)

Number of cases in lot

(Added Pub. L. 109–59, title XI, § 11126(a), Aug. 10, 2005, 119 Stat. 1957.)

cite as: 26 USC 5011