Page:United States Statutes at Large Volume 54 Part 1.djvu/558

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PUBLIC LAWS-CH. 419-JUNE 25, 1940 SEC. 212. CIGARETTES. Cigarettes. 53 Stat. 219. 26 U. S. C., Supp. V, 2000 . Defense tax. [54 STAT. Subchapter A of chapter 15 of the Internal Revenue Code is amended by inserting at the end thereof the following new sections: "SEC. 2004. DEFENSE TAX FOR FIVE YEARS. "In lieu of the rates of tax specified in section 2000 (c) (2), the rates of tax for the period after June 30, 1940, and before July 1, 1945, shall be $3.25 and $7.80, respectively. "SEC. 2005. FLOOR STOCKS TAX. Floor stcks tax. "(a) FLOOR STOCXS TAx. - Upon cigarettes subject to tax under section 2000 (c) (2) which on July 1, 1940, are held by any person for sale, there shall be levied, assessed, collected, and paid a floor stocks tax at a rate equal to the increase in rate of tax made applicable to such articles by section 2004. Returns. " (b) RETuruts. - Every person required by this section to pay any floor stocks tax shall, on or before August 1, 1940, under such regula- tions as the Commissioner with the approval of the Secretary shall prescribe, make a return and pay such tax, except that in the case of articles held by manufacturers and importers the Commissioner may collect the tax with respect to all or part of such articles by means of stamp rather than return, and in such case may make an assess- ment against such manufacturer or importer having tobacco tax stamps on hand July 1, 1940, for the difference between the amount paid for such stamps and the increased rates specified in section 2004. Laws applicable. "(c) LAWS APPIABLE--Al provisions of law, including penalties, applicable in respect of the taxes imposed by section 2000 shall, inso- far as applicable and not inconsistent with this section, be applicable with respect to the floor stocks .tax imposed by subsection (a)." SEC. 213. DISTILLED SPIRITS. 53 Stat. 298. 26 U. S. C., Supp. V, 1280. Defense tax. (a) Section 2800 of the Internal Revenue Code is amended by inserting at the end thereof the following new subsections: "(g) )DEmENSETAX FOR FIVE YEARs.- In lieu of the rates of tax specified in such of the sections of this title as are set forth in the fol- lowing table, the rates applicable with respect to the period after June 30, 1940, and before July 1, 1945, shall be the rates set forth under the heading 'Defense-Tax Rate': "Section Description of tax Old rate Defense-tax rate 2800 (a) (1) ---- Distilled spirits generally -- $2.25 ------ 3. 2800 (a) (1)---- Brandy ------------------ $2---------- $2.75. 2800 (a) (3)----- Imported perfumes ------- $2.25- 3. .- $2._-.----.-- $. - Floor stocks tax. "(h) FLOOR STOCKS TAX. "(1) Upon all distilled spirits produced in or imported into the United States upon which the internal-revenue tax imposed by law has been paid, and which on July 1, 1940, are held and intended for sale or for use in the manufacture or production of any article intended for sale, there shall be levied, assessed, collected, and paid a floor stocks tax of 75 cents on each proof-gallon, and a pro- portionate tax at a like rate on all fractional parts of such proof- Limited eemp gallon. The tax imposed by this subsection shall not apply to one hundred wine gallons of the retail stocks of distilled spirits held by a person on premises as to which such person has incurred occupational tax as a retail dealer in liquors for the period begin- 524