[Code of Federal Regulations]
[Title 26, Volume 16]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR48.4061-1]

[Page 92-93]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 48_MANUFACTURERS AND RETAILERS EXCISE TAXES--Table of Contents
 
 Subpart H_Motor Vehicles, Tires, Tubes, Tread Rubber, and Taxable Fuel
 
Sec. 48.4061-1  Temporary regulations with respect to floor stock 
refunds or credits on cement mixers.

    (a) In general--(1) Refund or credit. Pub. L. 91-678 (84 Stat. 2062, 
Jan. 12, 1971) provides that if:
    (i) A manufacturer, producer, or importer paid the tax imposed by 
section 4061 (relating to imposition of tax on motor vehicles) on the 
sale of a cement mixer after June 30, 1968, and before January 1, 1970, 
and
    (ii) Such cement mixer was held by a dealer on January 1, 1970, for 
purposes of resale and was not used,

the manufacturer, producer, or importer is entitled to a credit or 
refund (without interest) of the amount of tax he paid on his sale of 
such cement mixer.
    (2) Time for filing claim. The manufacturer, producer, or importer 
entitled to a credit or refund under subparagraph (1) of this paragraph 
shall file his claim for credit or refund on or before October 31, 1971, 
based upon a request submitted to the manufacturer, producer, or 
importer on or before July 31, 1971, by the dealer who held the cement 
mixer in respect of which the credit or refund is claimed. Before he 
files his claim for credit or refund, the manufacturer, producer, or 
importer shall either reimburse the dealer for the amount of tax he is 
claiming with respect to the cement mixer or obtain written consent from 
the dealer to claim such tax.
    (3) Other provisions applicable. All provisions of law, including 
penalties, applicable in respect of the taxes imposed by section 4061 of 
such Code shall, insofar as applicable and not inconsistent with Pub. L. 
91-678 apply in respect of the credits and refunds provided for in this 
section to the same extent as if the credits or refunds constituted 
overpayments of the taxes.
    (b) Definitions. For purposes of this section:
    (1) Cement mixer. The term ``cement mixer'' means:
    (i) Any article designed to be placed or mounted on an automobile 
truck chassis or truck trailer or semitrailer chassis and to be used to 
process or prepare concrete, and
    (ii) Parts or accessories designed primarily for use on or in 
connection with an article described in subdivision (i) of this 
subparagraph.
    (2) Dealer. The term ``dealer'' includes a wholesaler, jobber, 
distributor, or retailer.
    (3) Held by a dealer. A cement mixer shall be considered as ``held 
by a dealer'' if title thereto has passed to the dealer (whether or not 
delivery to him has been made), and if for purposes of consumption title 
to the cement mixer or possession thereof had not at any time prior to 
January 1, 1970, been transferred to any person other than a dealer. For 
purposes of paragraph (a) of this section and notwithstanding the 
preceding sentence, a cement mixer shall be considered as ``held by a 
dealer'' and not to have been used, although possession of such cement 
mixer has been transferred to another person, if such cement mixer is 
returned to the dealer in a transaction

[[Page 93]]

under which any amount paid or deposited by the transferee for such 
cement mixer is refunded to him (other than amounts retained by the 
dealer to cover damage to the cement mixer). Moreover, such a cement 
mixer shall be considered as held by a dealer on January 1, 1970, even 
though it was in the possession of the transferee on such day, if it was 
returned to the dealer (in a transaction described in the preceding 
sentence) before January 31, 1970. The determination as to the time 
title passes or possession is obtained for purposes of consumption shall 
be made under applicable local law. (See subdivisions (iii), (iv), and 
(v) of paragraph (b)(4) of Sec. 145.2-1 of this subchapter for examples 
illustrating the provisions of this subparagraph.)
    (c) Other requirements. All the requirements of paragraph (c) 
(relating to participation of dealers), paragraph (d) (relating to claim 
for credit or refund), paragraph (e) (relating to evidence to be 
retained), and paragraph (f) (relating to effect on other claims for 
refund or credit) of Sec. 48.6412-1 are applicable (to the extent they 
are not inconsistent with section 4061 and Pub. L. 91-678) with respect 
to a claim for credit or refund under this section. With respect to 
claims for credit or refund under this section, the term ``dealer 
request limitation date'' and ``claim limitation date'' used in 
paragraphs (c) and (d) of Sec. 48.6412-1 means July 31, 1971, and 
October 31, 1971, respectively.

[T.D. 7090, 36 FR 3893, Mar. 2, 1971]