Internal Revenue Service
Revenue Ruling

TaxLinks.com   sm

 Rev. Rul. 61-60

1961-1 C.B. 515

Caution: Obsoleted by Rev. Rul. 69-227

IRS Headnote

Lockers used for the storage of frozen food are not safe deposit boxes within the meaning of section 4287 of the Internal Revenue Code of 1954; therefore, the amounts paid for the use of such lockers are not subject to the excise tax imposed by section 4286 of the Code.

Full Text

Rev. Rul. 61-60

Advice has been requested whether the excise tax on amounts collected for the use of safe deposit boxes applies to amounts paid for the use of frozen food lockers.

Section 4286 of the Internal Revenue Code of 1954 imposes a tax on the amount collected for the use  of any safe deposit box. Section 4287 of the Code provides that, for the purposes of section 4286, any vault, safe, box, or other receptacle, of not more than 40 cubic feet capacity, used for the safekeeping or storage of jewelry, plate, money, specie, bullion, stocks, bonds, securities, valuable papers of any kind, or other valuable personal property, shall be regarded as a safe deposit box.

It is held that lockers which are used for the storage of frozen food are not safe deposit boxes within the meaning of section 4287 of the Code. Therefore, the amounts paid for the use of such lockers are not subject to the excise tax imposed by section 4286 of the Code.