59-t-182-22

59-t-182-22 - TAXES: ACCOUNTING MANUAL TAXES: FEDERAL...

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TAXES: FEDERAL EXCISE TAXES T-182-22 ACCOUNTING MANUAL Page 1 TAXES: FEDERAL EXCISE TAXES Contents Page I. Introduction 2 II. Exemptions 2 A. University Excise Tax Status 2 B. General Exemptions Relevant to the University 4 C. Scope of University's Specific Exemptions 4 1. Resales Between Exempt Institutions 5 2. Other Resales To University 5 3. Sales to Nonprofit Organizations for the Benefit of the University 5 4. Sales to University Employees 6 III. Procedures to Acquire Excise Tax Exemption 6 A. Registration--Specific Exemptions 6 B. Registration--General Exemptions 6 C. Exemption Certificates 7 IV. Accounting Officer's Responsibilities 7 V. References 7 Appendix: Exemption Certificate 8 TL 84 **Addition 6/30/00
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TAXES: FEDERAL EXCISE TAXES T-182-22 Page 2 ACCOUNTING MANUAL TAXES: FEDERAL EXCISE TAXES I. INTRODUCTION Federal Excise Taxes are levied generally on manufacturers, producers, importers, and retailers for the privilege of marketing certain commodities. Manufacturers and sellers additionally are charged with the responsibility of collecting excise taxes. II. EXEMPTIONS There are two types of excise tax exemptions available to the University, namely: general and specific. A. UNIVERSITY EXCISE TAX STATUS By virtue of its status as both a State entity and a nonprofit educational institution, the University enjoys specific exemptions from Retail Excise Tax, Manufacturers Excise Tax (including exemption from gas- guzzling vehicles used for emergency purposes), Communication Services Excise Tax, and Heavy Highway Motor Vehicle Excise Tax. Even where the University is not provided with a specific exemption, there may be some benefit to be derived from a generally applicable exemption 1 . For example, the excise tax on gas- guzzling automobiles does not apply to emergency vehicles. The table below describes the various excise taxes which may be relevant to the University and indicates (1) the University’s specific exemptions and (2) the general exemptions which may apply to certain excise taxes where the University is not specifically exempt. 1 Unlike the specific exemptions provided to state entities and nonprofit educational institutions, the "general exemption" is tailored for application in specific, factual situations; therefore, it should be applied only after careful consideration of the applicable Internal Revenue Code (IRC) section and/or Treasury Regulations. 6/30/00 TL 84
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TAXES: FEDERAL EXCISE TAXES T-182-22 ACCOUNTING MANUAL Page 3 * Description of Excise Tax IRC Specific General Section Exemption Exemption IRC Section IRC Section Retail Excise Taxes Diesel Fuels 4041(a) 4041(g)(2),(4) Special Motor Fuels 4041(a) 4041(g)(2),(4) Noncommercial Aviation Fuels 4041(c) 4041(g)(2),(4) Luxury Passenger Autos 4001(a)(1) 4001(d)(1),(2) Heavy Trucks and Trailers 4051 4221(a)(4),(5) Manufacturers Excise Tax Gas Guzzlers 4064 4064(b)(1)(B),(C) 48.4064-1(e) Tire 4071 4221(a)(4),(5) Gasoline and Diesel Fuel 4081 4041(g)(2),(4) Aviation Fuel
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This note was uploaded on 03/31/2012 for the course TAX 4001 taught by Professor Robertmcgee during the Spring '09 term at FIU.

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59-t-182-22 - TAXES: ACCOUNTING MANUAL TAXES: FEDERAL...

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