27 CFR 24.270 - Determination of tax.
(a)General. The tax on wine is determined at the time of removal from a bonded wine premises for consumption or sale. Section 5041 of 26 U.S.C., imposes an excise tax, at the rates prescribed, on all wine (including imitation, substandard, or artificial wine, and compounds sold as wine, which contain 24 percent or less of alcohol by volume) produced in or imported into the United States. Wine containing more than 24 percent of alcohol by volume is classified as distilled spirits and taxed accordingly. A wine product containing less than one-half of one percent alcohol by volume is not taxable as wine when removed from the bonded wine premises.
(b)Tax determined and paid on the volume of wine. The tax is determined and paid on the volume of wine:
(c)Tax rates imposed on wine. The following taxes are imposed on wine:
(d)Small domestic producer tax credit. For eligibility for the small producer tax credit, see §§ 24.278 and 24.279.
Title 27 published on 09-Dec-2017 03:26
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 27 CFR Part 24 after this date.