[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: 26CFR48.6416(b)(1)-1]

[Page 191]
 
                       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 O_Refunds and Other Administrative Provisions of Special 
            Application to Retailers and Manufacturers Taxes
 
Sec. 48.6416(b)(1)-1  Price readjustments causing overpayments of 
manufacturers tax.

    In the case of any payment of tax under chapter 32 that is 
determined to be an overpayment by reason of a price readjustment within 
the meaning of section 6416(b)(1) and Sec. 48.6416(b)(1)-2 or Sec. 
48.6416(b)(1)-3, the person who paid the tax may file a claim for refund 
of the overpayment or may claim credit for the overpayment on any return 
of tax under this subpart which the person subsequently files. Price 
readjustments may not be anticipated. However, if the readjustment has 
actually been made before the return is filed for the period in which 
the sale was made, the tax to be reported in respect of the sale may, at 
the election of the taxpayer, be based either (a) on the price as so 
readjusted or (b) on the original sale price and a credit or refund 
claimed in respect of the price readjustment. A price readjustment will 
be deemed to have been made at the time when the amount of the 
readjustment has been refunded to the vendor or the vendor has been 
informed that the vendor's account has been credited with the amount. No 
interest shall be paid on any credit or refund allowed under this 
section. For provisions relating to the evidence required in support of 
a claim for credit or refund, see Sec. 301.6402-2 of this chapter 
(Regulations on Procedure and Administration), Sec. 48.6416(a)-3(a)(2), 
and Sec. 48.6416(b)(1)-4. For provisions authorizing the taking of a 
credit in lieu of filing a claim for refund, see section 6416(d) and 
Sec. 48.6416(f)-1.

[T.D. 8043, 50 FR 32024, Aug. 8, 1985]