Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 27 - Alcohol, Tobacco Products and Firearms |
Chapter I - Alcohol and Tobacco Tax and Trade Bureau, Department of the Treasury |
SubChapter A - Alcohol |
Part 26 - Liquors and Articles from Puerto Rico and the Virgin Islands |
Subpart E - Taxpayment of Liquors and Articles in Puerto Rico |
Bonds |
§ 26.67 - Bond, TTB Form 5120.32 - Wine.
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§ 26.67 Bond, TTB Form 2897 5120.32 - Wine.
Where ahe shall(a) General. Except as provided in paragraph (b) of this section, where a proprietor intends to withdraw, for purpose of shipment to the United States, wine of Puerto Rican manufacture from bonded storage in Puerto Rico on computation, but before payment, of the tax imposed by 26 U.S.C. 7652(a), equal to the tax imposed in the United States by 26 U.S.C. 5041,
, Form 2897the proprietor must, before making any such withdrawal, furnish a bond
shall. The proprietor must furnish the bond on TTB Form 5120.32, to secure payment of such tax, at the time and in the manner prescribed in this subpart, on all wine so withdrawn. The bond
: Provided, That themust be executed in a penal sum not less than the amount of unpaid tax which, at any one time, is chargeable against the bond
shall. The penal sum of such bond
shallmust not exceed $250,000, but in no case
will the penal sum be less than $500.
(b) Bonds covering wine for nonindustrial use and industrial use —
(1) Nonindustrial use. A proprietor who pays tax on a deferred basis under § 26.112 is not required to furnish a bond under this section to cover shipments of wine for nonindustrial use during any portion of a calendar year for which the proprietor is eligible to use an annual or quarterly return period under § 26.112(b)(2) or (b)(3). For purposes of the preceding sentence, the proprietor is considered to be paying tax on a deferred basis even if the proprietor does not pay tax during every return period as long as the proprietor intends to pay tax in a future period. TTB may require a proprietor who has defaulted on any payment to prepay tax as provided in § 26.112(e).
(2) Industrial use. A proprietor is required to furnish a bond under this section to cover shipments of wine for industrial use even if the proprietor pays tax on a deferred basis under § 26.112 and is eligible to use an annual or quarterly return period under § 26.112(b)(2) or (b)(3).
(3) Nonindustrial use and industrial use defined. The nonindustrial and industrial uses of wine are defined in subpart D of part 1 of this chapter.
[T.D. 6551TTB–146, 26 82 FR 14901131, FebJan. 22, 1961. Redesignated at 40 FR 16835, Apr. 15, 1975, and amended by T.D. ATF-48, 44 FR 55852, Sept. 28, 19794, 2017]