Excluded liquid means any liquid that -
(1) Contains less than four percent normal paraffins; or
(2) Has a -
(i) Distillation range of 125 °F. or less;
(ii) Sulfur content of 10 ppm or less; and
(iii) Minimum color of + 27 Saybolt.
26 CFR § 48.4081-1
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