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PUBLIC LAW 324-MAR. 31, 1954
[68 S T A T.
(1) Section 1656 (relating to floor stocks refunds on distilled spirits, wines and cordials, and fermented malt liquors) is hereby amended by striking out "April 1, 1954" each place it appears and inserting in lieu thereof "April 1, 1955", and by striking out "May
1, 1954" and inserting in lieu thereof "May 1, 1955". (2) Section 3412(g) (relating to floor stocks refunds on gasoline) is hereby amended by striking out "April 1, 1954" each place it appears and inserting in lieu thereof "April 1, 1955", and • by striking out "July 1, 1954" and inserting in lieu thereof "July 1, 1955". (3) Section 2000(g) (relating to floor stocks refunds on cigarettes) is hereby amended by striking out "April 1, 1954" each place it appears and inserting in lieu thereof "April 1, 1955", and by striking out "July 1, 1954" and inserting in lieu thereof "July 1, 1955". (4) Section 3250(1)(5) (relating to drawback in the case of distilled spirits used in the manufacture of certain nonbeverage products) is hereby amended by striking out "March 31, 1954" and inserting in lieu thereof "March 31, 1955". 2 6^us c ^20 0 0 (^) Section 497 of the Revenue Act of 1951 (relating to refunds note. on articles from foreign trade zones) is hereby amended by striking out "April 1, 1954" each place it appears and inserting in lieu thereof "April 1, 1955". (c) FLOOR STOCKS REFUNDS ON AUTOMOBILES, ETC.—Section 3403 (relating to tax on automobiles, etc.) is hereby amended by adding at the end thereof the following new subsection: "(f)
FLOOR STOCKS REFUNDS.—
"(1) "Where before April 1, 1955, any article subject to the tax imposed by subsection (a) or (b) has been sold by the manufacturer, producer, or importer, and is on such date held by a dealer and has not been used and is intended for sale, there shall be credited or refunded (without interest) to the manufacturer, producer, or importer an amount equal to the difference between the tax paid by such manufacturer, producer, or importer on his sale of the article and the amount of tax made applicable to such article on and after April 1, 1955. "(2) As used in this subsection, the term 'dealer' includes a wholesaler, jobber, distributor, or retailer. For the purposes of this subsection, an article shall be considered as 'held by a dealer' if title thereto has passed to such dealer (whether or not delivery to him has been made), and if for purposes of consumption title to such article or possession thereof has not at any time been transferred to any person other than a dealer. "(3) Under regulations prescribed by the Secretary, the refund provided by this subsection may be made to the dealer instead of the manufacturer, producer, or importer, if the manufacturer, producer, or importer waives any claim for the amount so to be refunded. "(4) When the credit or refund provided for in this subsection has been allowed to the manufacturer, producer, or importer, he shall remit to the dealer to whom was sold the article in respect of which the credit or refund was allowed so much of that amount of the tax corresponding to the credit or refund as was included in or added to the price paid or agreed to be paid by the dealer. "(5) No person shall be entitled to credit or refund under this subsection unless (A) he has in his possession such evidence of the inventories with respect to which the credit or refund is claimed as may be required by regulations prescribed under this
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