[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: 26CFR48.4161(a)-1]

[Page 141-142]
 
                       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 K_Sporting Goods
 
Sec. 48.4161(a)-1  Imposition and rate of tax; fishing equipment.

    (a) Imposition of tax. Section 4161(a) imposes a tax on the sale of 
the following articles of fishing equipment (including in each case 
parts or accessories of such articles sold on or in connection therewith 
or with the sale thereof) by the manufacturer, producer, or importer 
thereof:
    (1) Fishing rods;
    (2) Fishing creels;
    (3) Fishing reels; and
    (4) Artificial lures, baits, and flies.

The tax applies only to those items of fishing equipment specified in 
section 4161(a) and this paragraph. Therefore, other items of fishing 
equipment, such as fishing nets, lines, hooks, sinkers, gaffs, etc., are 
not subject to the tax. Furthermore, the tax applies only to those 
specified articles of fishing equipment that are designed or constructed 
for use in the sport of fishing. Accordingly, the tax does not apply to 
those articles which, although nominally articles that are specified in 
section 4161(a), are in the nature of toys or novelties that merely 
simulate articles of a type referred to in section 4161(a), and are not 
designed or constructed for practical use in the sport of fishing.
    (b) Rate of tax. Tax is imposed on the sale of the articles 
enumerated in section 4161(a) and paragraph (a) of this section at the 
rate of 10 percent of the price for which such articles are sold.

[[Page 142]]

For the definition of the term ``price'' see section 4216 and the 
regulations thereunder.
    (c) Liability for tax. The tax imposed by section 4161(a) is payable 
by the manufacturer, producer, or importer making the sale. For 
determining who is the manufacturer, producer, or importer, see Sec. 
48.0-2(a)(4).

[T.D. 7328, 39 FR 36586, Oct. 11, 1974, as amended by T.D. 8043, 50 FR 
32014, Aug. 8, 1985]