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26 U.S.C. § 5011 — Income tax credit for average cost of carrying excise tax
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** For purposes of section 38, the amount of the distilled spirits credit for any taxable year is the amount equal to the product of—
(1) in the case of—
(A) any eligible wholesaler, the number of cases of bottled distilled spirits—
(i) which were bottled in the United States, and
(ii) which are purchased by such wholesaler during the taxable year directly from the bottler of such spirits, or
(B) any person which is subject to section 5005 and which is not an eligible wholesaler, the number of cases of bottled distilled spirits which are stored in a warehouse operated by, or on behalf of, a State or political subdivision thereof, or an agency of either, on which title has not passed on an unconditional sale basis, and
(2) the average tax-financing cost per case for the most recent calendar year ending before the beginning of such taxable year.
**(b) Eligible wholesaler** For purposes of this section, the term “eligible wholesaler” means any person which holds a permit under the Federal Alcohol Administration Act as a wholesaler of distilled spirits which is not a State or political subdivision thereof, or an agency of either.
**(c) Average tax-financing cost**
(1) **In general** — For purposes of this section, the average tax-financing cost per case for any calendar year is the amount of interest which would accrue at the deemed financing rate during a 60-day period on an amount equal to the deemed Federal excise tax per case.
(2) **Deemed financing rate** — For purposes of paragraph (1), the deemed financing rate for any calendar year is the average of the corporate overpayment rates under paragraph (1) of section 6621(a) (determined without regard to the last sentence of such paragraph) for calendar quarters of such year.
(3) **D
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 5011
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Source file: Laws/federal/codes/united-states-code/title-26/section-5011-income-tax-credit-for-average-cost-of-carrying-excise-tax--3bfb3230c5.md
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Source location: Title 26, Chapter 51, § 5011; chapter-051-distilled-spirits-wines-and-beer.md
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**(a) In general** For purposes of section 38, the amount of the distilled spirits credit for any taxable year is the amount equal to the product of—
(1) in the case of—
(A) any eligible wholesaler, the number of cases of bottled distilled spirits—
(i) which were bottled in the United States, and
(ii) which are purchased by such wholesaler during the taxable year directly from the bottler of such spirits, or
(B) any person which is subject to section 5005 and which is not an eligible wholesaler, the number of cases of bottled distilled spirits which are stored in a warehouse operated by, or on behalf of, a State or political subdivision thereof, or an agency of either, on which title has not passed on an unconditional sale basis, and
(2) the average tax-financing cost per case for the most recent calendar year ending before the beginning of such taxable year.
**(b) Eligible wholesaler** For purposes of this section, the term “eligible wholesaler” means any person which holds a permit under the Federal Alcohol Administration Act as a wholesaler of distilled spirits which is not a State or political subdivision thereof, or an agency of either.
**(c) Average tax-financing cost**
(1) **In general** — For purposes of this section, the average tax-financing cost per case for any calendar year is the amount of interest which would accrue at the deemed financing rate during a 60-day period on an amount equal to the deemed Federal excise tax per case.
(2) **Deemed financing rate** — For purposes of paragraph (1), the deemed financing rate for any calendar year is the average of the corporate overpayment rates under paragraph (1) of section 6621(a) (determined without regard to the last sentence of such paragraph) for calendar quarters of such year.
(3) **Deemed Federal excise tax per case** — For purposes of paragraph (1), the deemed Federal excise tax per case is $25.68.
**(d) Other definitions and special rules** For purposes of this section—
(1) **Case** — The term “case” means 12 80-proof 750-milliliter bottles.
(2) **Number of cases in lot** — The number of cases in any lot of distilled spirits shall be determined by dividing the number of liters in such lot by 9.
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Federal law — U.S. Code and appendices · legal_authorities
This subchapter may be cited as the “Federal Alcohol Administration Act”.
Source: Supplied U.S. Code snapshot — release unconfirmed · 27 U.S.C. § 201
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of credit** There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of—
(1) the business credit carryforwards carried to such taxable year,
(2) the amount of the current year business credit, plus
(3) the business credit carrybacks carried to such taxable year.
**(b) Current year business credit** For purposes of this subpart, the amount of the current year business credit is the sum of the following credits determined for the taxable year:
(1) the investment credit determined under section 46,
(2) the work opportunity credit determined under section 51(a),
(3) the alcohol fuels credit determined under section 40(a),
(4) the research credit determined under section 41(a),
(5) the low-income housing credit determined under section 42(a),
(6) the enhanced oil recovery credit under section 43(a),
(7) in the case of an eligible small business (as defined in section 44(b)), the disabled access credit determined under section 44(a),
(8) the renewable electricity production credit under section 45(a),
(9) the empowerment zone employment credit determined under section 1396(a),
(10) the Indian employment credit as determined under section 45A(a),
(11) the employer social security credit determined under section 45B(a),
(12) the orphan drug credit determined under section 45C(a),
(13) the new markets tax credit determined under section 45D(a),
(14) in the case of an eligible employer (as defined in section 45E(c)), the small employer pension plan startup cost credit determined under section 45E(a),
(15) the employer-provided child care credit determined under section 45F(a),
(16) the railroad track maintenance credit determined under section 45G(a),
(17) the biodiesel fuels cr
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 38
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Federal law — U.S. Code and appendices · legal_authorities
Page 3151
TITLE 26—INTERNAL REVENUE CODE
[§§ 5021 to 5026
and (b) [enacting this section] shall take effect on Jan-
uary 1, 1980.’’
§ 5011. Income tax credit for average cost of car-
rying excise tax
(a) In general
For purposes of section 38, the amount of the
distilled spirits credit for any taxable year is
the amount equal to the product of—
(1) in the case of—
(A) any eligible wholesaler, the number of
cases of bottled distilled spirits—
(i) which were bottled in the United
States, and
(ii) which are purchased by such whole-
saler during the taxable year directly from
the bottler of such spirits, or
(B) any person which is subject to section
5005 and which is not an eligible wholesaler,
the number of cases of bottled distilled spir-
its which are stored in a warehouse operated
by, or on behalf of, a State or political sub-
division thereof, or an agency of either, on
which title has not passed on an uncondi-
tional sale basis, and
(2) the average tax-financing cost per case
for the most recent calendar year ending be-
fore the beginning of such taxable year.
(b) Eligible wholesaler
For purposes of this section, the term ‘‘eligi-
ble wholesaler’’ means any person which holds a
permit under the Federal Alcohol Administra-
tion Act as a wholesaler of distilled spirits
which is not a State or political subdivision
thereof, or an agency of either.
(c) Average tax-financing cost
(1) In general
For purposes of this section, the average
tax-financing cost per case for any calendar
year is the amount of interest which would ac-
crue at the deemed financing rate during a 60-
day period on an amount equal to the deemed
Federal excise tax per case.
(2) Deemed financing rate
For purposes of paragraph (1), the deemed fi-
nancing rate for any calendar year
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 5011
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