[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: 26CFR48.6421-5]

[Page 220]
 
                       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. 48.6421-5  Exempt sales; other payments or refunds available.

    (a) Exempt sales. No credit or payment shall be allowed or made 
under Sec. 48.6421-1 or Sec. 48.6421-2 with respect to gasoline which 
was exempt from the tax imposed by section 4081. For example, credit or 
payment may not be allowed or made with respect to gasoline purchased 
tax free for use as supplies for certain vessels and airplanes, or with 
respect to gasoline purchased by a State tax free for its exclusive use, 
as provided in section 4221.
    (b) Other payments or refunds available. Any amount which, without 
regard to the second sentence of section 6421(e)(1) and this paragraph 
(b), would be allowable as a credit or payable to any person under Sec. 
48.6421-1 or Sec. 48.6421-2 is reduced by any other amount which is 
allowable as a credit or payable under section 6421, or is refundable 
under any other provision of the Code, to any person with respect to the 
same gasoline.
    (c) Gasoline used on farms. Payments with respect to gasoline used 
on a farm for farming purposes shall be claimed under section 6420 and 
Sec. 48.6420-1, and no claim in respect of that gasoline may be made 
under section 6421 and the regulations thereunder.

[T.D. 8043, 50 FR 32042, Aug. 8, 1985]