Income tax credit for average cost of carrying excise tax

26 U.S.C. § 5011
in effect
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(a) In generalFor purposes of section 38, the amount of the distilled spirits credit for any taxable year is the amount equal to the product of—(1) in the case of—(A) any eligible wholesaler, the number of cases of bottled distilled spirits—(i) which were bottled in the United States, and (ii) which are purchased by such wholesaler during the taxable year directly from the bottler of such spirits, or (B) any person which is subject to section 5005 and which is not an eligible wholesaler, the number of cases of bottled distilled spirits which are stored in a warehouse operated by, or on behalf of, a State or political subdivision thereof, or an agency of either, on which title has not passed on an unconditional sale basis, and (2) the average tax-financing cost per case for the most recent calendar year ending before the beginning of such taxable year. (b) Eligible wholesalerFor purposes of this section, the term “eligible wholesaler” means any person which holds a permit under the Federal Alcohol Administration Act as a wholesaler of distilled spirits which is not a State or political subdivision thereof, or an agency of either. (c) Average tax-financing cost(1) In generalFor purposes of this section, the average tax-financing cost per case for any calendar year is the amount of interest which would accrue at the deemed financing rate during a 60-day period on an amount equal to the deemed Federal excise tax per case. (2) Deemed financing rateFor purposes of paragraph (1), the deemed financing rate for any calendar year is the average of the corporate overpayment rates under paragraph (1) of section 6621(a) (determined without regard to the last sentence of such paragraph) for calendar quarters of such year. (3) Deemed Federal excise tax per caseFor purposes of paragraph (1), the deemed Federal excise tax per case is $25.68. (d) Other definitions and special rulesFor purposes of this section—(1) CaseThe term “case” means 12 80-proof 750-milliliter bottles. (2) Number of cases in lotThe number of cases in any lot of distilled spirits shall be determined by dividing the number of liters in such lot by 9.