Rev. Rul. 54-234

SECTION 1. PURPOSE.

The purpose of this Revenue Ruling is to continue the policy stated in Revenue Ruling 254, C.B. 1953-2, 451.

SEC. 2. BACKGROUND.

Section 3 of Revenue Ruling 254, supra , provides in part as follows:

.02 The Internal Revenue Service will accept returns on Form 720 in which 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. Taxpayers should, however, complete such other portions of the form as may be feasible, and should be encouraged to supply such additional data as they can based upon existing records of purchases, sales, production, and inventories.

.03 Taxpayers who do not supply the data called for on Form 720 should attach to the form as filed * * * a brief statement explaining the failure to supply the necessary data and describing the system employed by the taxpayer to assure the proper determination of excise tax liability. Where the taxpayer is a member of an organization which submits to the Internal Revenue Service a statement of the accounting procedures used by members, the taxpayer may attach a copy of such statement or refer to such statement, in lieu of submitting a separate statement, if the taxpayer's procedures are in accordance with that described by the organization.

.04 The taxpayer need furnish the foregoing statement only once. Unless a further explanation is requested or unless a change in his record-keeping procedures affects his ability to fill in the return or determine the tax.

SEC. 3. PERIOD TO WHICH THIS POLICY IS APPLICABLE.

The foregoing policy will be continued until further notice. No change in the policy is contemplated for any quarter in 1954.

SEC. 4. EFFECT ON OTHER DOCUMENTS.

This Revenue Ruling supersedes section 4 of Rev. Rul. 254, C.B. 1953-2, 451.

SEC. 5. INQUIRIES.

Taxpayers are invited to consult with District Directors of Internal Revenue about any problem relating to the requirements for filling in Form 720.

/*/ Originally issued as IR-Mimeograph No. 54-103, dated June 10, 1954.