27 CFR 24.313 - Inventory record.

§ 24.313 Inventory record.
A proprietor who files monthly or quarterly reports shall prepare a record of the physical inventory of all wine and spirits in storage at the close of business for each tax year, or where a different cycle has been established, the inventory will be taken at the end of that annual period. Such proprietors may use an annual inventory period different from the period beginning July 1 and ending June 30 by submitting a notice to the appropriate TTB officer. However, proprietors who file quarterly reports must select an annual inventory period that begins on the first day of a calendar quarter. Proprietors who file reports on a calendar year basis under the provisions of § 24.300(g) of this part shall take the physical inventory at the close of the calendar year. The inventory record will be retained on file with the proprietor's TTB F 5120.17, Report of Bonded Wine Premises Operations, for the reporting period when the inventory was taken. If a proprietor who files monthly reports takes a complete inventory at other times during the year, losses disclosed will be reported on the TTB F 5120.17 and the inventory record will be maintained on file with the report for each month when an inventory was taken. The proprietor's inventory record will include:
(a) Description of wine.
(1) State the generic name (e.g., port, claret) or designate as a white, rose or red table or dessert wine; or
(2) Wine intended to be marketed with a vintage date, varietal name, or geographical designation will be appropriately identified, e.g., 1977 Napa Valley Pinot Noir; and
(3) If the wine is other than grape wine, state the type, e.g., orange, honey.
(b) Bulk containers. Tanks containing wine will be listed by tank number. Bulk containers which are barrels or puncheons containing the same kind of wine may be summarized, e.g., 10 barrels—red table wine 500 gals.;
(c) Cases, bottles and other similar containers. The total volume of one kind of wine in cases, bottles and similar containers may be entered as one item and appropriately identified;
(d) Inventory summary. The volume of bulk and bottled or packed wine will be totaled separately in wine gallons or in liters, by tax class, and reported on the TTB F 5120.17. Spirits will also be totaled and reported on the TTB F 5120.17; and
(e) Inventory record. All inventory pages will be numbered consecutively and the last inventory page will be dated and signed after the statement, “Under penalties of perjury, I declare that I have examined this inventory record and to the best of my knowledge and belief, it is a true, correct and complete record of all wine and spirits required to be inventoried.”
(Sec. 201, Pub. L. 85-859, 72 Stat. 1381, as amended (26 U.S.C. 5367, 5369))
(Approved by the Office of Management and Budget under control numbers 1512-0216 and 1512-0298)
[T.D. ATF-299, 55 FR 24989, June 19, 1990, as amended by T.D. ATF-338, 58 FR 19065, Apr. 12, 1993; T.D. ATF-409, 64 FR 13683, Mar. 22, 1999; T.D. TTB-41, 71 FR 5603, Feb. 2, 2006]

Title 27 published on 2014-04-01

no entries appear in the Federal Register after this date.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

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United States Code
U.S. Code: Title 5 - GOVERNMENT ORGANIZATION AND EMPLOYEES
U.S. Code: Title 26 - INTERNAL REVENUE CODE

§ 5001 - Imposition, rate, and attachment of tax

§ 5008 - Abatement, remission, refund, and allowance for loss or destruction of distilled spirits

§ 5041 - Imposition and rate of tax

§ 5042 - Exemption from tax

§ 5044 - Refund of tax on wine

§ 5061 - Method of collecting tax

§ 5062 - Refund and drawback in case of exportation

§ 5121 - Recordkeeping by wholesale dealers

§ 5122 - Recordkeeping by retail dealers

§ 5123 - Preservation and inspection of records, and entry of premises for inspection

§ 5124 - Registration by dealers

§ 5173 - Bonds

§ 5206 - Containers

§ 5214 - Withdrawal of distilled spirits from bonded premises free of tax or without payment of tax

§ 5215 - Return of tax determined distilled spirits to bonded premises

§ 5351 - Bonded wine cellar

§ 5353 - Bonded wine warehouse

§ 5354 - Bond

§ 5356 - Application

§ 5357 - Premises

§ 5361 - Bonded wine cellar operations

§ 5362 - Removals of wine from bonded wine cellars

§ 5364 - Wine imported in bulk

§ 5365 - Segregation of operations

§ 5366 - Supervision

§ 5367 - Records

§ 5368 - Gauging and marking

§ 5369 - Inventories

§ 5370 - Losses

§ 5371 - Insurance coverage, etc.

§ 5372 - Sampling

§ 5373 - Wine spirits

§ 5381 - Natural wine

§ 5382 - Cellar treatment of natural wine

§ 5383 - Amelioration and sweetening limitations for natural grape wines

§ 5384 - Amelioration and sweetening limitations for natural fruit and berry wines

§ 5385 - Specially sweetened natural wines

§ 5386 - Special natural wines

§ 5387 - Agricultural wines

§ 5388 - Designation of wines

§ 5391 - Exemption from distilled spirits taxes

§ 5392 - Definitions

§ 5511 - Establishment and operation

§ 5551 - General provisions relating to bonds

§ 5552 - Installation of meters, tanks, and other apparatus

§ 5661 - Penalty and forfeiture for violation of laws and regulations relating to wine

§ 5662 - Penalty for alteration of wine labels

§ 5684 - Penalties relating to the payment and collection of liquor taxes

§ 6065 - Verification of returns

§ 6091 - Place for filing returns or other documents

§ 6109 - Identifying numbers

§ 6301 - Collection authority

§ 6302 - Mode or time of collection

§ 6311 - Payment of tax by commercially acceptable means

§ 6651 - Failure to file tax return or to pay tax

§ 6676 - Erroneous claim for refund or credit

§ 7302 - Property used in violation of internal revenue laws

§ 7342 - Penalty for refusal to permit entry or examination

§ 7502 - Timely mailing treated as timely filing and paying

§ 7503 - Time for performance of acts where last day falls on Saturday, Sunday, or legal holiday

§ 7606 - Entry of premises for examination of taxable objects

§ 7805 - Rules and regulations

§ 7851 - Applicability of revenue laws

U.S. Code: Title 31 - MONEY AND FINANCE