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Revenue Ruling

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 Rev. Rul. 55-53

1955-1 C.B. 528

Full Text

Rev. Rul. 55-53

When received by a district director of internal revenue, a Quarterly Federal Excise Tax Return, Form 720, showing a credit for manufacturers' excise tax previously paid, is recognized as a claim for the entire amount of the credit shown even though such amount may exceed the total tax reported on the return. The credit balance may be taken on returns for subsequent periods regardless of whether the subsequent returns are filed before or after expiration of the 4-year period of limitation on credits and refunds under section 3313 of the Internal Revenue Code of 1939. The conditions to be met are (1) the return first showing the credit balance must be filed within the statutory period for claiming credit and (2) the full amount of the credit must be supported by the evidence otherwise required by regulations relating to credits and refunds which includes compliance with section 3443(a)(3)(B) or 3443(d) of the Code