1. Regulations
  2. title 27
  3. chapter I-i1
  4. part 46
  5. subpart I
  6. subjgrp 161
  7. § 46.223

View all text of Subjgrp 161 [§ 46.221 - § 46.223]

§ 46.223 - Tax credit.

The dealer is allowed a credit of up to $500 against the total floor stocks tax. However, controlled groups are eligible for only one credit for the entire group. The credit may be divided equally among the members or apportioned in any other manner agreeable to the members.

AUTHORITY: 18 U.S.C. 2341-2346, 26 U.S.C. 5061, 5704, 5708, 5731-5734, 5751, 5754, 5761-5763, 6001, 6601, 6621, 6622, 7212, 7342, 7602, 7606, 7805; 44 U.S.C. 3504(h), 49 U.S.C. 782, unless otherwise noted.

SOURCE: Redesignated by T.D. ATF-457, 66 FR 32220, June 14, 2001.

CITE AS: 27 CFR 46.223