§ 5011. Income tax credit for average cost of carrying excise tax
(a)
In general
For purposes of section
38, the amount of the distilled spirits credit for any taxable year is the amount equal to the product of—
(1)
in the case of—
(B)
any person which is subject to section
5005 and which is not an eligible wholesaler, the number of cases of bottled distilled spirits which are stored in a warehouse operated by, or on behalf of, a State or political subdivision thereof, or an agency of either, on which title has not passed on an unconditional sale basis, and
(b)
Eligible wholesaler
For purposes of this section, the term “eligible wholesaler” means any person which holds a permit under the Federal Alcohol Administration Act as a wholesaler of distilled spirits which is not a State or political subdivision thereof, or an agency of either.
(c)
Average tax-financing cost
(1)
In general
For purposes of this section, the average tax-financing cost per case for any calendar year is the amount of interest which would accrue at the deemed financing rate during a 60-day period on an amount equal to the deemed Federal excise tax per case.