OCR Text |
Show TIRE DEALERS MUST FILE REPORT OF STOCK ON HAND Retailers, wholesalers and distributors of new tires and tubes, or rubber used for tire retreading (except bicycle tires or other tires which are not of a type used on highway motor mo-tor vehicles) must make an inventory in-ventory of stocks on hand as of July 1, District Internal Revenue Director Roland V. Wise stated today. This inventory is necessitated necessitat-ed by the enactment of Federal Feder-al Aid Highway Act of 1961 which provides for a floor stock tax on such rubber articles. ar-ticles. The inventory should include trade name, grade, size and number of plies of each tire. Inner tubes shall be inventoried inven-toried according to trade name, grade and size. Tread rubber should be inventoried according accord-ing to crown width, gauge and weight. The location at which the tires are held should also be noted. On or before Oct. 16, 1961, a floor stock tax return shall be filed. These forms will be available at local District Director Di-rector offices about the end of July, Mr. Wise said. The rate of the floor stock tax will be 2c per pound on tires and tread rubber and lc per pound on inner tubes. Further information can be obtained by calling the District Dis-trict Director of Internal Revenue Rev-enue office, at Salt Lake City, DAvis 8-2911, Extension 465, or by personal contact in Room 366, Post Office Bldg, Salt Lake City. |