Ind. Admin. Code tit. 45, § 12-7-4 - Deduction for Evaporation, Shrinkage, Losses, and Tax Related Expenses

Current as of January 1, 1970
45 Iac 12-7-4 - Deduction for Evaporation, Shrinkage, Losses, and Tax Related Expenses
45 Iac 12-7-3 - Sale of Tax Exempt Gasoline; DeductionNext

45 IAC 12-7-4 Deduction for evaporation, shrinkage, losses, and tax related expenses

Authority: IC 6-8.1-3-3

Affected: IC 6-6-1.1-704; IC 6-6-1.1-705

Sec. 4. (a) Except as otherwise provided, a licensed distributor may claim a deduction equal to one and six-tenths percent (1.6%) of the number of invoiced or billed gallons of gasoline received in Indiana during the preceding calendar month, less all authorized deductions claimed under IC 6-6-1.1-704 and sections 1 through 3 of this rule.

(b) The deduction provided by this section may be taken by a licensed distributor when timely reporting and remitting the tax accrued under IC 6-6-1.1.

(c) This deduction shall not be allowed for losses covered under 45 IAC 12-3-4 and 45 IAC 12-3-5.

(Department of State Revenue; Reg 6-6-1.1-705(010); filed Sep 19, 1983, 2:23 p.m.: 6 IR 2325; filed Apr 30, 1986, 3:32 p.m.: 9 IR 2190; filed Dec 12, 2023, 2:27 p.m.: 20240110-IR-045230448FRA)

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