Page:United States Statutes at Large Volume 54 Part 2.djvu/1166

 54 STAT.] VENEZUELA-RECIPROCAL TRADE-NOV. 6, 1939 Description of Article Rate of Import Tax 3422 Crude petroleum, topped crude petroleum, and fuel oil derived from petroleum including fuel oil known as gas oil Provided, That such petroleum and fuel oil entered, or withdrawn from warehouse, for consumption in any calendar year in excess of 5 per centum of the total quantity of crude petroleum processed in refineries in continental United States during the preceding calendar year, as ascertained by the Secretary of the Interior of the United States, shall not be entitled to a reduction in tax by virtue of this item, but the rate of import tax thereon shall not exceed Provided further, That if this item becomes effec- tive after the beginning of a calendar year the quantity of such petroleum and fuel oil which may be entered or withdrawn from warehouse for consumption at the reduced rate during the remainder of such calendar year shall be one- twelfth of the foregoing quantity multiplied by the number of months (treating any part of a month as a full month) during which this item shall be in effect during such calendar year. 3451 Crude petroleum, topped crude petroleum, and fuel oil derived from petroleum including fuel oil known as gas oil; any of the foregoing sold for use as fuel supplies, ships' stores, sea stores, or legitimate equipment on vessels of war of the United States or of any foreign nation, or vessels employed in the fisheries or in the whaling business, or actually engaged in foreign trade or trade between the Atlantic and Pacific ports of the United States or between the United States and any of its possessions, under regulations prescribed with the approval of the Secretary of the Treasury Y4 per gal. X%per gal. Exempt from taxes Imposed by Secs. 3420 and 3422 of the Internal Rev- enue Code Internal Rev- enue Code Section 2387

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