73d C ONGRESS . SESS. II. CH. 277. MAY 10, 1934 .
767 f For the
of th is sec tion-
EXCISE TAXES . ( )
purp oses
Operation constitut- (1) the refining of crude petroleum on the premises where pro- ing a sale . duced, the removal of crude petroleum therefrom, or any transfer or other disposition of crude petroleum shall be considered a sale . (2) the term " producer petroleum means the person owning crude "Producer" defined . petroleum or having any interest in or title to crude petroleum at the time o f its produc tion . (3) the term " working interest operator " means the person oPe Wo rki ng in ter est having the management and operation of a well . (4) the amount of crude petroleum produced shall be deter- Allowance for basic mined with allowance for any reasonable and bona fide deduction sediment and water in y
amount sold d for basic sediment and water agreed upon by the producer and the purchaser for the purpose of determining the amount sold . (g) The provisions of section 623 and sections 771 to 774, inclu- 278:01 .47, pp. 268, 277- si ve, of the R evenue Act o f 1932 shall be app licabl e with respe ct to the tax imposed by this section . (h) This section shall take effect on the thirtieth day after the In effect in 30 days. date of its enactment . SEC. 605. TAX ON REFINING OF CRUDE PETROLEUM .
Ref ining crude p etro- leum. (a) There is hereby imposed (1) on crude petroleum refined or Tax imposed, to be processed in the United States, a tax of one-tenth of one cent per paid by thereflner,etc . barrel of forty-two gallons, to be paid by the refiner or processor, and (2) on gasoline produced or recovered in the United States Gasoline produced from natural gas a tax of one-tenth of one cent per barrel of forty- from natural g as . two gallons, to be paid by the person producing or recovering such gasoline . (b) Every person liable, for tax under this section shall make Swor n monthly re- monthly returns under oath in triplicate for each plant or refinery, turns to be made . and pay such taxes to the collector for the district in which such plant or refinery is located . Such returns shall contain such infor- ination and be made at such times and in such manner as the Com- mi ssione r with the a pprova l of t he Sec retary may by regul ations pre- scribe . The tax shall, without assessment by the Commissioner or Pay ment of tar . notice from the collector, be due and payable to the collector at the time fixed for filing the return . If the tax is not paid when due Pe nalty fnr de lin- there shall be added as part of the tax interest at the rate of one "u`Dc per centum a month from the time when the tax becomes due until paid . Every refiner or processor shall (in addition to records other- wise required by law or regulation) keep such records as shall be Record of daily re- ceipts prescribed by regulations under this section showing daily receipts, ais,'eie,stoclG, dispos- stocks, and disposals of crude petroleum and the names and addresses of the persons from whom received . Every person han- dlin g, transporting, storing, or dealing in any manner in crude petroleum shall keep such records and make such returns with respect to transactions in crude petroleum as shall be required by regulations under this section . Returns and records required under Official inspection . this se ction shall be ope n to i nspect ion at all re asonab le hou rs by any duly aut hori zed rep rese ntat ive of t he Comm issi oner or any agency of the United States or any State having supervisory or regulatory powers over the production of crude petroleum . (c) As used in this section, the term "gasoline" means gasoline Mean ing of te rm as defined in section 617 of the Revenue Act of 1932, as amended . Vo~.. 4~ p . 267; Anl e, (d) The Commissioner, with the approval of the Secretary, shall p.206. Regu lations to be pr escrib e such regul ations as he deems necess ary fo r the enforc ement p res cri bed . of this section . (e) All provisions of law (including penalties) applicable with Existing law provi- respect to the taxes imposed by section 600 of the Revenue Act of si nsco ntinud . Vol. 4, p.93 1926, shall, insofar as applicable and not inconsistent with this sec- tion, be applicable with respect to the taxes imposed by this section .
