Rev. Rul. 54-291

Advice is requested whether one export bond may be executed covering more than one internal revenue bonded warehouse in lieu of a separate export bond for each such internal revenue bonded warehouse.

Section 185.750 of Regulations 10 provides in part that a continuing bond, Form 657, shall be filed by a proprietor if distilled spirits are to be withdrawn for direct exportation from time to time. The penal sum of such bond shall be sufficient to cover the tax at the distilled spirits rate on the maximum quantity of distilled spirits that may remain unaccounted for at any one time, but in no case less than $1,000.

There is no provision of the regulations which would prohibit the filing of one bond by a proprietor to cover the withdrawal for exportation of distilled spirits from more than one internal revenue bonded warehouse operated by him. Accordingly, one bond, Form 657, may be executed by a proprietor covering exportations from more than one internal revenue bonded warehouse operated by him within an internal revenue region. A consent of surety must be filed on the bond specifying the warehouses from which withdrawals will be made.