77TH CONG., 2D SESS.-CH. 619-0CT. 21, 1942 971 (c) DRAWBACK ON DISTILLED SPITrrs.-T he third paragraph of sec- tion 2887 is amended by striking out "$4" and inserting in lieu thereof 55 stat. 08. "$6". Supp. I, 1 2887 ; (d) FLOOR STOCKS TAx.-Section 2800 is amended by inserting at 53stat.28. the end thereof the following new subsection: 6pp. sI . 2800 "(j) 1942 FLOOR STOCKS TAx. - "(1) TAx.- Upon all distilled spirits upon which the internal- revenue tax imposed by law has been paid, and which on the effective date of Title VI of the Revenue Act of 1942, are held and Ant e p. 970. intended for sale or for use in the manufacture or production of any article intended for sale, there shall be levied, assessed, col- lected, and paid a floor stocks tax of $2 on each proof-gallon, and a proportionate tax at a like rate on all fractional parts of such proof-gallon. "(2) RETrRNs. - Under such regulations as the Commissioner with the approval of the Secretary shall prescribe, every person required by paragraph (1) to pay any floor stocks tax shall, on or before the end of the thirtieth day following the effective date of Title VI of the Revenue Act of 1942 make a return and shall, Ae, p. 970. on or before the first day of the third month following such effective date, pay such tax. Payment of the tax shown to be due may be extended to a date not later than the first day of the tenth month following the effective date of Title VT of the Revenue Act of 1942, upon the filing of a bond for payment thereof in such form and amount and with such surety or sureties as the Commissioner, with the approval of the Secretary, may prescribe. "(3) LAWS APPLICABLE.- All provisions of law, including penalties, applicable in respect of internal-revenue taxes on dis- tilled spirits shall, insofar as applicable and not inconsistent with this subsection, be applicable in respect of the floor stocks tax im- posed hereunder. For the purposes of this subsection the term distilled spirits' shall include products produced in such manner that the person producing them is a rectifier within the meaning of section 3254 (g)." 26 U.S.C. 3254 (e) EXEMPTION OF IMPORTED ALCOHOL FOR INDUSTRIAL PURPOSES. - (g). (1) AMENDMENT TO INTERNAL REVENUE CODE.-Part II of Sulb- chapter C of Chapter 26 (relating to industrial alcohol) is 26 U. ts. C . 3100- amended by inserting at the end thereof the following new 812 4. section: "SEC. 3125. IMPORTATION OF ALCOHOL FOR INDUSTRIAL PURPOSES. "(a) IMPORTATION WITHOUT PAYMENT OF INTERNAL REVENUE TAX.- Under regulations to be prescribed by the Commissioner, with the approval of the Secretary, and subject from the time of its withdrawal from customs custody to all the applicable provisions of this part, alcohol of 160 proof, or greater, may be imported into the United States and be withdrawn, in bond, from customs custody, without payment of the internal-revenue tax imposed by section 2800 upon the act of importing such alcohol, for transfer to industrial alcohol plants, alcohol bonded warehouses, and denaturing plants for redistillation or denaturation and withdrawal, or withdrawal without redistillation or denaturation, tax free or tax paid, as the case may be, for all the pur- poses authorized by this part. If such alcohol is withdrawn from the said industrial alcohol plants, alcohol bonded warehouses, or denatur- ing plants for beverage purposes, there shall be paid upon such with- drawal an additional tax equal to the duty which would have been paid had such spirits been imported for beverage purposes, less the duty already paid thereon. 53 Stat. 298. 26U..C. 2800; Supp. I , § 2800. Ante, p . 970; supra. 56 STAT.]
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