Rev. Rul. 55-116

Advice has been requested whether one continuing export bond on Form 1495 may be executed covering exportations from more than one industrial alcohol bonded warehouse in lieu of a separate export bond for each such industrial alcohol bonded warehouse.

Section 182.594 of the Industrial Alcohol Regulations provides in part that a continuing bond, Form 1495, may be filed by the exporter to cover exportations of alcohol from an industrial alcohol bonded warehouse from time to time and that the penal sum of the bond shall be sufficient to cover the tax at the distilled spirits rate on the maximum quantity of alcohol that may remain unaccounted for at any one time but not in excess of $200,000 or less than $1,000.

There is no provision in the regulations which would prohibit the filing of one bond by an exporter to cover withdrawals for exportation of alcohol from more than one industrial alcohol bonded warehouse. Accordingly, one bond, Form 1495, may be executed by an exporter covering exportations from more than one industrial alcohol bonded warehouse operated in the same internal revenue region. The penal sum of the bond must cover the tax on the maximum quantity of alcohol that may remain unaccounted for at any one time so that the total tax on such quantity of alcohol does not exceed the maximum amount stated in the bond. Also, consent of surety must be filed specifying any additional warehouses from which withdrawals will be made