27 C.F.R. § 24.160

Current through September 30, 2024

Section 24.160 - Application to terminate bond by existing proprietor who becomes exempt from bond requirements

If a proprietor has held a bond or bonds covering operations or withdrawals of wine for nonindustrial use and becomes exempt from those bond requirements as provided under § 24.146(d) , the proprietor may apply to TTB to terminate the bond or bonds covering such operations or withdrawals. To apply, the proprietor must file an amended application as provided in § 24.132. The proprietor must accurately state in the submission that the proprietor:

(a) Will withdraw wine for deferred payment of tax under § 24.271 ;

(b) Reasonably expects to be liable for not more than $50,000 in taxes with respect to wine imposed by 26 U.S.C. 5041 and 7652 for the current calendar year (see definition of "Reasonably expects" in § 24.271(b)(1)(iv)(B) ); and

(c) Was liable for not more than $50,000 in such taxes in the preceding calendar year.

27 C.F.R. §24.160

T.D. TTB-146, 82 FR 1125, 1/4/2017