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Current as of October 02, 2022 | Updated by FindLaw Staff
If a proprietor has held a bond or bonds covering operations or withdrawals of wine for nonindustrial use and becomes exempt from those bond requirements as provided under § 24.146(d), the proprietor may apply to TTB to terminate the bond or bonds covering such operations or withdrawals. To apply, the proprietor must file an amended application as provided in § 24.132. The proprietor must accurately state in the submission that the proprietor:
(a) Will withdraw wine for deferred payment of tax under § 24.271;
(b) Reasonably expects to be liable for not more than $50,000 in taxes with respect to wine imposed by 26 U.S.C. 5041 and 7652 for the current calendar year (see definition of “Reasonably expects” in § 24.271(b)(1)(iv)(B)); and
(c) Was liable for not more than $50,000 in such taxes in the preceding calendar year.
Cite this article: FindLaw.com - Code of Federal Regulations Title 27. Alcohol, Tobacco Products and Firearms § 27.24.160 Application to terminate bond by existing proprietor who becomes exempt from bond requirements - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-27-alcohol-tobacco-products-and-firearms/cfr-sect-27-24-160/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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