Ruling 67-58

Internal Revenue Service
Revenue Ruling

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Rev. Rul. 67-58

1967-1 C.B. 302

Full Text

Rev. Rul. 67-58

Gasoline was stolen from a producer (importer) who still held legal title thereto.
Held , the producer (importer) incurred no liability under section 4081 of the Internal
Revenue Code of 1954 for tax because the theft constituted neither a sale nor use of the
gasoline by him within the meaning of the applicable sections of the Code. This principle
applies equally as well to manufacturers, producers, or importers in the case of the other
manufacturers excise taxes imposed by chapter 32 of the Code.