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Revenue Ruling 67-58

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Headnote

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.