27 C.F.R. § 46.196 Floor stocks requirements.
Title 27 - Alcohol, Tobacco Products and Firearms
(a) Take an inventory. Establish the quantity of cigarettes subject to the floor stocks tax held for sale at the beginning of the tax increase dates (January 1, 2000 and January 1, 2002). You may take a physical inventory or you may use a book or record inventory, as specified in §§46.205 and 46.206. (b) Compute tax amount. Compute the amount of tax for the cigarettes held for sale at the start of each of the tax increase dates. Refer to the table shown in §46.222. Apply the tax credit as provided by §46.223. (c) File tax return. After you have computed the floor stocks tax, you must file a return for each tax increase date if tax is due. (d) Maintain records. Maintain all records used to determine the quantity of cigarettes on hand at the start of each tax increase date. You must also maintain all computations used to determine the amount of tax owed. Refer to §46.241.
Title 27: Alcohol, Tobacco and Firearms
PART 46—MISCELLANEOUS REGULATIONS RELATING TO TOBACCO PRODUCTS AND CIGARETTE PAPERS AND TUBES
Subpart I—Floor Stocks Tax on Cigarettes Held for Sale on January 1, 2000 and on January 1, 2002
General
§ 46.196 Floor stocks requirements.
