Page:United States Statutes at Large Volume 84 Part 2.djvu/732

 2062 Effective date.

PUBLIC LAW 91-678-JAN. 12, 1971

[84 STAT.

(d) The amendments made by this se-ction shall apply in respect of foreign expropriation losses sustained in taxable years ending after December 31, 1958. Approved January 12, 1971„

Public Law 91-678 January 12. 1971 [H. R. 17658]

Taxe s Cemen t ml x e r s. floor sto c k refunds. Ante, p p. 1743, 1843.

Conditions.

Definitions.

AN ACT To provide floor stock refunds in the case of cement mixers.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) where before January 1, 1970, and after June 30, 1968, any cement mixer subject to the tax imposed by section 4061 of the Internal Revenue Code of 1954 during such period, had been sold by the manufacturer, producer, or importer, and on January 1, 1970, was held by a dealer and had not been used and was intended for sale, there shall be credited or refunded (without interest) to the manufacturer, producer, or importer an amount equal to the tax paid by the manufacturer, producer, or importer on his sale of the cement mixer, if— (1) claim for such credit or refund is filed with the Secretary of the Treasury or his delegate on or before the last day of the ninth calendar month beginning after the date of enactment of this Act, based upon a request submitted to the manufacturer, producer, or importer on or before the last day of the sixth calendar month beginning after the date of enactment of this Act, by the dealer who held the cement mixer in respect of which the credit or refund is claimed; and (2) on or before the last day of the ninth calendar month beginning after the date of enactment of this Act, reimbursement has been made to the dealer by the manufacturer, producer, or importer for the tax on the cement mixer or written consent has been obtained from the dealer to allowance of the credit or refund. (b) For the purposes of this section— (1) The term "cement mixer" means— (A) any article designed (i) to be placed or mounted on an automobile truck chassis or truck trailer or semitrailer chassis and (ii) to be used to process or prepare concrete, and (B) parts or accessories designed primarily for use on or in connection with an article described in subparagraph (A). (2) The term "dealer" includes a wholesaler, jobber, distributor, or retailer. (3) A cement mixer shall be considered as "held by a dealer" if title thereto has passed to the dealer (whether or not delivery to him has been made), and if for purposes of consumption title to the cement mixer or possession thereof had not at any time prior to January 1, 1970, been transferred to any person other than a dealer. For purposes of subsection (a) and notwithstanding the preceding sentence, a cement mixer shall be considered as "held by a dealer" and not to have been used, although possession of such cement mixer has been transferred to another person, if such cement mixer is returned to the dealer in a transaction under which any amount paid or deposited by the transferee for such cement mixer is refunded to him (other than amounts retained by the dealer to cover damage to the cement mixer). Moreover, such a cement mixer shall be considered as held by a dealer on January 1, 1970, even though it was in the possession of the transferee on such day, if it was returned to the dealer (in a transaction described in the preceding sentence) before January 31, 1970.

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