Rev. Rul. 54-539

Revenue Ruling 254, C.B. 1953-2, 451, expresses the policy of the Internal Revenue Service to accept excise tax returns on Form 720, Quarterly Federal Excise Tax Return, even though all of the data required by the return have not been furnished. The return will be acceptable if the taxpayer completes the information called for in items 1 through 5 and shows the amount of tax in column 6 of the appropriate schedule on the form. If the taxpayer omits other data, a statement is required to explain such omission.

Revenue Ruling 54-234, C.B. 1954-1, 255, 14, announced that the policy to accept such returns is continued until further notice, indicating that no change in policy is contemplated for any quarter in 1954.

Further consideration of changes in that policy and in Form 720 has been deferred while the Service concentrates on the development of new forms and regulations required by the Internal Revenue Code of 1954. Accordingly, the policy to accept returns with only the above-noted data is extended to cover all quarters of 1955 unless terminated sooner. An appropriate announcement will be made prior to any such termination or any change in the excise tax return form.