26-U.S.C.-4105
§4105 – Two-Party Exchanges
Pathway
Title 26 > Subtitle D > Chapter 32 > Subchapter A > Part III > Subpart B > Section 4105
Details
- Reference: Section 4105
- Legend: §4105 – Two-Party Exchanges
- USCode Year: 2013
Provision Content
(a) In general
In a two-party exchange, the delivering person shall not be liable for the tax imposed under section 4081(a)(1)(A)(ii).
(b) Two-party exchange
The term two-party exchange means a transaction, other than a sale, in which taxable fuel is transferred from a delivering person registered under section 4101 as a taxable fuel registrant to a receiving person who is so registered where all of the following occur:
(1) The transaction includes a transfer from the delivering person, who holds the inventory position for taxable fuel in the terminal as reflected in the records of the terminal operator.
(2) The exchange transaction occurs before or contemporaneous with completion of removal across the rack from the terminal by the receiving person.
(3) The terminal operator in its books and records treats the receiving person as the person that removes the product across the terminal rack for purposes of reporting the transaction to the Secretary.
(4) The transaction is the subject of a written contract.
(Added Pub. L. 108–357, title VIII, §866(a), Oct. 22, 2004, 118 Stat. 1621.)
Prior Provisions
Prior sections 4111 to 4113, 4121, and 4131 of this title constituted a former subchapter B of this chapter, see Prior Provisions note set out preceding section 4121 of this title.
Effective Date
Pub. L. 108–357, title VIII, §866(c), Oct. 22, 2004, 118 Stat. 1622, provided that: The amendment made by this section [enacting this section] shall take effect on the date of the enactment of this Act [Oct. 22, 2004].
U.S. Encyclopedia of Law Coverage
26-U.S.C.-4072 in the Legal Encyclopedia: Excise Taxes
In this entry about 26-U.S.C.-4072, find legal reference material, bibliographies and premiere content related to excise taxes in the American Encyclopedia of Law, presenting a comprehensive view of the United States excise taxes-specific issues, written by authorities in the field.
Title 26 – Internal Revenue Code in the Legal Encyclopedia: Manufacturers Excise Taxes
In this entry about Title 26 – Internal Revenue Code, find legal reference material, bibliographies and premiere content related to manufacturers excise taxes in the American Encyclopedia of Law, presenting a comprehensive view of the United States manufacturers excise taxes-specific issues, written by authorities in the field.
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