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USC Title 26 enacted through 2008

§ 4611. Imposition of tax

 
(a)
General Rule
 
There is hereby imposed a tax at the rate specified in subsection (c) on -
 
(1)
crude oil received at a United States refinery, and
 
(2)
petroleum products entered into the United States for consumption, use, or warehousing.
 
(b)
Tax on certain uses and exportation
 
(1)
In general
 
If -
 
(A)
any domestic crude oil is used in or exported from the United States, and
 
(B)
before such use or exportation, no tax was imposed on such crude oil under subsection (a),
 
then a tax at the rate specified in subsection (c) is hereby imposed on such crude oil.
 
(2)
Exception for use on premises where produced
 
Paragraph (1) shall not apply to any use of crude oil for extracting oil or natural gas on the premises where such crude oil was produced.
 
(c)
Rate of tax
 
(1)
In general
 
The rate of the taxes imposed by this section is the sum of -
 
(A)
the Hazardous Substance Superfund financing rate, and
 
(B)
the Oil Spill Liability Trust Fund financing rate.
 
(2)
Rates
 
For purposes of paragraph (1) -
 
(A)
the Hazardous Substance Superfund financing rate is 9.7 cents a barrel, and
 
(B)
the Oil Spill Liability Trust Fund financing rate is -
 
(i)
in the case of crude oil received or petroleum products entered before January 1, 2017, 8 cents a barrel, and
 
(ii)
in the case of crude oil received or petroleum products entered after December 31, 2016, 9 cents a barrel.
 
(d)
Persons liable for tax
 
(1)
Crude oil received at refinery
 
The tax imposed by subsection (a)(1) shall be paid by the operator of the United States refinery.
 
(2)
Imported petroleum product
 
The tax imposed by subsection (a)(2) shall be paid by the person entering the product for consumption, use, or warehousing.
 
(3)
Tax on certain uses or exports
 
The tax imposed by subsection (b) shall be paid by the person using or exporting the crude oil, as the case may be.
 
(e)
Application of Hazardous Substance Superfund financing rate
 
(1)
In general
 
Except as provided in paragraphs (2) and (3), the Hazardous Substance Superfund financing rate under this section shall apply after December 31, 1986, and before January 1, 1996.
 
(2)
No tax if unobligated balance in Fund exceeds $3,500,000,000
 
If on December 31, 1993, or December 31, 1994 -
 
(A)
the unobligated balance in the Hazardous Substance Superfund exceeds $3,500,000,000, and
 
(B)
the Secretary, after consultation with the Administrator of the Environmental Protection Agency, determines that the unobligated balance in the Hazardous Substance Superfund will exceed $3,500,000,000 on December 31 of 1994 or 1995, respectively, if no tax is imposed under section 59A, this section, and sections 4661 and 4671,
 
then no tax shall be imposed under this section (to the extent attributable to the Hazardous Substance Superfund financing rate) during 1994 or 1995, as the case may be.
 
(3)
No tax if amounts collected exceed $11,970,000,000
 
(A)
Estimates by Secretary
 
The Secretary as of the close of each calendar quarter (and at such other times as the Secretary determines appropriate) shall make an estimate of the amount of taxes which will be collected under section 59A, this section (to the extent attributable to the Hazardous Substance Superfund financing rate), and sections 4661 and 4671 and credited to the Hazardous Substance Superfund during the period beginning January 1, 1987, and ending December 31, 1995.
 
(B)
Termination if $11,970,000,000 credited before January 1, 1996
 
If the Secretary estimates under subparagraph (A) that more than $11,970,000,000 will be credited to the Fund before January 1, 1996, the Hazardous Substance Superfund financing rate under this section shall not apply after the date on which (as estimated by the Secretary) $11,970,000,000 will be so credited to the Fund.
 
(f)
Application of Oil Spill Liability Trust Fund financing rate
 
(1)
In general
 
Except as provided in paragraph (2), the Oil Spill Liability Trust Fund financing rate under subsection (c) shall apply on and after April 1, 2006, or if later, the date which is 30 days after the last day of any calendar quarter for which the Secretary estimates that, as of the close of that quarter, the unobligated balance in the Oil Spill Liability Trust Fund is less than $2,000,000,000.
 
(2)
Termination
 
The Oil Spill Liability Trust Fund financing rate shall not apply after December 31, 2017.








Tax Code (Internal Revenue Code) Section Index


U.S. GAAP by Codification Topic
 
105 GAAP Hierarchy
105 GAAP History

205 Presentation of Financial Statements
205-20 Discontinued Operations
210 Balance Sheet
210-20 Offsetting
220 Comprehensive Income
225 Income Statement
225-20 Extraordinary and Unusual Items
230 Statement of Cash Flows
250 Accounting Changes and Error Corrections
260 Earnings per Share
270 Interim Reporting

310 Impairment of a Loan
320 Investment Securities
320 Other-Than-Temporary Impairments, FSP FAS 115-2
320-10-05 Overview of Investments in Other Entities
320-10-35 Reclassification of Investments in Securities
323-10 Equity Method Investments
323-30 Investments in Partnerships and Joint Ventures
325-20 Cost Method Investments
330 Inventory

340-20 Capitalized Advertising Costs
350-20 Goodwill
350-30 Intangibles Other than Goodwill
350-40 Internal-Use Software
350-50 Website Development Costs
360 Property, Plant and Equipment
360-20 Real Estate Sales

410 Asset Retirement and Environmental Obligations
420 Exit or Disposal Cost Obligations
450 Contingencies
450-20 Loss Contingencies
450-30 Gain Contingencies
480 Redeemable Financial Instruments

505-20 Stock Dividends, Stock Splits
505-30 Treasury Stock

605 SEC Staff Accounting Bulletin, Topic 13
605-25 Revenue Recognition - Multiple Element Arrangements

715-30 Defined Benefit Plans - Pension
718 Share-Based Payment
730 Research and Development
730-20 Research and Development Arrangements

805 Business Combinations
810 Consolidation
810 Noncontrolling Interests
810 Consolidation of Variable Interest Entities, SFAS 167

815 Derivatives and Hedging Overview

820 Fair Value Measurements
820 Fair value when the markets are not active, FSP FAS 157-4
825 Fair Value Option

830 Foreign Currency Matters
830-20 Foreign Currency Transactions
830-30 Translation of Financial Statements
835 Interest
835-20 Capitalization of Interest
835-30 Imputation of Interest

840 Leases
840-20 Operating Leases
840-30 Capital Leases
840-40 Sale-Leaseback Transactions
845 Nonmonetary Transactions

855 Subsequent Events
860-20 Sale of Financial Assets, SFAS 166
860-50 Servicing Assets and Liabilities, SFAS 156

985-20 Costs of software to be sold


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Tax Code (Internal Revenue Code) Section Index




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