118 STAT. 1621 PUBLIC LAW 108–357—OCT. 22, 2004 SEC. 864. ELECTRONIC FILING OF REQUIRED INFORMATION REPORTS. (a) IN GENERAL.—Section 4101(d) is amended by adding at the end the following new flush sentence: ‘‘Any person who is required to report under this subsection and who has 25 or more reportable transactions in a month shall file such report in electronic format.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply on January 1, 2006. SEC. 865. TAXABLE FUEL REFUNDS FOR CERTAIN ULTIMATE VENDORS. (a) IN GENERAL.—Paragraph (4) of section 6416(a) (relating to abatements, credits, and refunds) is amended to read as follows: ‘‘(4) REGISTERED ULTIMATE VENDOR TO ADMINISTER CREDITS AND REFUNDS OF GASOLINE TAX.— ‘‘(A) IN GENERAL.—For purposes of this subsection, if an ultimate vendor purchases any gasoline on which tax imposed by section 4081 has been paid and sells such gasoline to an ultimate purchaser described in subpara graph (C) or (D) of subsection (b)(2) (and such gasoline is for a use described in such subparagraph), such ultimate vendor shall be treated as the person (and the only person) who paid such tax, but only if such ultimate vendor is registered under section 4101. ‘‘(B) TIMING OF CLAIMS.—The procedure and timing of any claim under subparagraph (A) shall be the same as for claims under section 6427(i)(4), except that the rules of section 6427(i)(3)(B) regarding electronic claims shall not apply unless the ultimate vendor has certified to the Secretary for the most recent quarter of the taxable year that all ultimate purchasers of the vendor are certified and entitled to a refund under subparagraph (C) or (D) of subsection (b)(2).’’. (b) EFFECTIVE DATE.—The amendments made by this section shall take effect on January 1, 2005. SEC. 866. TWO PARTY EXCHANGES. (a) IN GENERAL.—Subpart C of part III of subchapter A of chapter 32, as amended by this Act, is amended by inserting after section 4104 the following new section: ‘‘SEC. 4105. TWO PARTY EXCHANGES. ‘‘(a) IN GENERAL.—In a two party exchange, the delivering per son 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 contempora neous 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 26 USC 6416 note. 26 USC 4101 note.
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