Page:United States Statutes at Large Volume 100 Part 2.djvu/664

 100 STAT. 1766

26 USC 4661.

Claims.

PUBLIC LAW 99-499—OCT. 17, 1986 assessment shall be abated, and if collected shall be credited or refunded (with interest) as an overpayment. (ii) CONDITION TO ALLOWANCE.—Clause (i) shall not apply to a sale of xylene unless the person who (but for clause (i)) would be liable for the tax imposed by section 4661 on such sale meets requirements similar to the requirements of paragraph (1) of section 6416(a) of such Code. For purposes of the preceding sentence, subparagraph (A) of section 6416(a)(1) of such Code shall be applied without regard to the material preceding "has not collected". (B) WAIVER OF STATUTE OF LIMITATIONS.—If on the date of the enactment of this Act (or at any time within 1 year after such date of enactment) refund or credit of any overpayment of tax resulting from the application of subparagraph (A) is barred by any law or rule of law, refund or credit of such overpayment shall, nevertheless, be made or allowed if claim therefor is filed before the date 1 year after the date of the enactment of this Act. (C) XYLENE TO INCLUDE ISOMERS.—For purposes of this paragraph, the term "xylene" shall include any isomer of xylene whether or not separated. (3) INVENTORY EXCHANGES.—

26 USC prec. 4611-4612, prec. 4661-4662, prec. 4041, 4611 note. Imports and exports.

26 USC 4661. Imports and exports.

(A) IN GENERAL.—Except as otherwise provided in this paragraph, the amendment made by subsection (f) shall apply as if included in the amendments made by section 211 of the Hazardous Substance Response Revenue Act of 1980. (B) RECIPIENT MUST AGREE TO TREATMENT AS MANUFAC-

TURER.—In the case of any inventory exchange before January 1, 1987, the amendment made by subsection (f) shall apply only if the person receiving the chemical from the manufacturer, producer, or importer in the exchange agrees to be treated as the manufacturer, producer, or importer of such chemical for purposes of subchapter B of chapter 38 of the Internal Revenue Code of 1954. (C) EXCEPTION WHERE MANUFACTURER PAID TAX.—In the

case of any inventory exchange before January 1, 1987, the amendment made by subsection (f) shall not apply if the manufacturer, producer, or importer treated such exchange as a sale for purposes of section 4661 of such Code and paid the tax imposed by such section. (D) REGISTRATION REQUIREMENTS.—Section 4662(c)(2)(B) of

such Code (as added by subsection (f)) shall apply to exchanges made after December 31, 1986. (4) EXPORTS OF TAXABLE SUBSTANCES.—Subclause (II) of section Ante, p. 1762.

4662(e)(2)(A)(ii) of such Code (as added by this section) shall not apply to the export of any taxable substance (as defined in section 4672(a) of such Code) before January 1, 1989. (5) SALES OF INTERMEDIATE HYDROCARBON STREAMS.—

(A) IN GENERAL.—Except as otherwise provided in this paragraph, the amendment made by subsection (g) shall apply as if included in the amendments made by section 211 of the Hazardous Substances Response Revenue Act of 1980. (B) PURCHASER MUST AGREE TO TREATMENT AS MANUFAC-

TURER.—In the case of any sale before January 1, 1987, of any intermediate hydrocarbon stream, the amendment made by subsection (g) shall apply only if the purchaser

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