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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 27 - Alcohol, Tobacco Products and Firearms |
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Chapter I - Alcohol and Tobacco Tax and Trade Bureau, Department of the Treasury |
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SubChapter M - Alcohol, Tobacco and Other Excise Taxes |
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Part 296 - MISCELLANEOUS REGULATIONS RELATING TO TOBACCO PRODUCTS AND CIGARETTE PAPERS AND TUBES |
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Subpart I - Floor Stocks Tax on Cigarettes Held for Sale on January 1, 2000 and on January 1, 2002 |
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Compute Tax Liability |
§ 296.223 - Apply tax credit.
Latest version.
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You are allowed a credit against your floor stocks tax of up to $500. However, controlled groups are eligible for only one credit for the entire group. The credit may be divided equally among the members or apportioned in any other manner agreeable to the members.