Rev. Proc. 68-33

SECTION 1. PURPOSE.

The purpose of this Revenue Procedure is to provide instructions for reporting on Form 2731, Monthly Report of Bonded Storage Operations, the quantity of light whisky on hand at the end of the month.

SEC. 2. BACKGROUND.

Revenue Ruling 68-121 provides that the Director, Alcohol and Tobacco Tax Division, has determined that distilled spirits coming within the class and type `light whisky' as prescribed in 27 CFR 5.21(b)(11) shall, for purposes of identification while in bond, be designated as `light whisky,' if produced on or after January 26, 1968. Accordingly, all such spirits shall be branded, recorded, and reported as `light whisky.'

SEC. 3. PROCEDURE.

In order that statistical reports may reflect the quantity of `light whisky' in bonded storage, proprietors of distilled spirits plants required to File Form 2731 shall appropriately identify and show as a separate entry (in parentheses) at line 22, column (j), the quantity of light whisky on hand at the end of the month. Since the quantity of light whisky on hand will continue to be included in the figure entered in column (b), line 22, the quantity reported separately in column (j) will not be included in the total reported in column (k) at line 22. This procedure for reporting light whisky will begin with the report for December 1968.

SEC. 4. INQUIRIES.

Inquiries regarding this Revenue Procedure should refer to its number and be addressed to the office of the appropriate Assistant Regional Commissioner, Alcohol and Tobacco Tax.