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Rev. Proc. 67-5

Rev. Proc. 67-5; 1967-1 C.B. 575

DATED

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Citations: Rev. Proc. 67-5; 1967-1 C.B. 575

Obsoleted by Rev. Proc. 72-57

Rev. Proc. 67-5 ¹

SECTION 1. PURPOSE.

The Excise Tax Reduction Act of 1965, Public Law 89-44, C.B. 1965-2, 568, amended sections 6420 and 6421 of the Internal Revenue Code of 1954, to provide that, in lieu of filing claims for payment of gasoline tax under such sections of the Code, persons who use gasoline for nonhighway purposes will claim a credit under section 39 of the Code against their income tax liability for such gasoline tax. The purpose of this Revenue Procedure is to provide an acceptable method for the small business corporation having a taxable year beginning after June 30, 1965, and ending before December 31, 1966, to claim the credit for Federal excise tax on gasoline used during such period for nonhighway purposes.

SEC. 2. MANNER OF CLAIMING CREDIT.

.01 A small business corporation claiming a credit for Federal excise tax on gasoline used during a taxable year beginning after June 30, 1965, and ending before December 31, 1966, should attach a statement to its timely filed (including any extensions) Form 1120-S, U.S. Small Business Corporation Return of Income, for such year as follows:

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Gasoline

___________________________________________

Type of use Number of Rate of Column (A)

gallons tax multiplied by

used column (B)

(A) (B) (C)

______________________________________________________________________

1. Nonhighway: Dollars

a. Farm............... ........... 0.04 ............

b. Motorboat.......... ........... .02 ............

c. Aviation........... ........... .02 ............

d. Other (specify).... ........... .02 ............

2. Local transit system.. ........... .02 ............

----------- ----------- ------------

3. Total............ ........... ........... ............

______________________________________________________________________

.02 The filing of this statement with a timely filed Form 1120-S will constitute a valid claim for this period. Any credit claimed in this manner will be treated as an overpayment of tax which will be paid to the corporation.

.03 If the Form 1120-S has already been timely filed, and the credit was not distributed to the shareholders, then this statement if filed on or before February 15, 1967, will constitute a timely filed claim. This statement will be associated by the District Director with the previously filed Form 1120-S. For this purpose the same name, address, employer identification number, and taxable year should appear on this statement as appeared on the previously filed Form 1120-S.

.04 If the shareholders of the small business corporation have been instructed by the corporation to claim their pro rata share of this credit on their individual returns, then the small business corporation should not file a claim since the credit for the gasoline tax will be taken by the shareholders. The pro rata distribution to individual shareholders in this situation will constitute an acceptable method of claiming the credit.

.05 For subsequent years this credit for gasoline tax must be claimed on Form 1120-S.

¹ Also released as Technical Information Release 869, dated Dec. 12, 1966.

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