N-2015-56: Income tax treatment of 2014 fuel credits allowable under section 6426(c) and section 6426(d)
Internal Revenue Service (IRS) sent this bulletin at 08/14/2015 10:08 AM EDT
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Issue Number: N-2015-56Inside This IssueNotice 2015-56 informs claimants about the federal income tax treatment of credits under § 6426(c) and (d) that are paid in cash under the one-time claim submission process of section 160(e) of the Tax Increase Prevention Act of 2014 and implemented by Notice 2015-3. Specifically, a claimant must reduce its income tax deduction for (or cost of goods sold deduction attributable to) § 4081 excise taxes (or, if applicable, § 4041 excise taxes) for each calendar quarter during 2014 by the amount of the § 6426(c) credit (or, if applicable, § 6426(d) credit) for fuel mixtures sold or used during that calendar quarter. It will appear in IRB 2015-35 dated Aug. 31, 2015. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |