trekkie951
Junior
- Joined
- Dec 4, 2013
- Messages
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Hello all. First post here, and I'm surprised I even have to since this site is so full of good info.
Was looking for anybody who has the know how of wine bonds fresh in their minds to give me a little advice, answer a couple questions, and maybe suggest something I havent thought of yet!
Basically my main question is does the tax credit of $0.90 per gallon apply when figuring out the bond coverage? or only afterward when taxes actually must be paid?(im guessing the latter, but I just want clarification for peace of mind)
Also, a section of the federal application says this: "Taxpaid Wine Storage: Describe where and how any taxpaid wine will be stored on the premises and the means used to segregate and identify taxpaid wine from untaxpaid wine."
that underlined part makes me think I missed something. However, the only reason I can fathom I would have both taxpaid and unpaid is having wine produced from the previous year that wasn't sold yet. Is that correct?
I probably answered both my questions myself right there, but like I said this is more for peace of mind. With reading so many many many pages over the months its easy to get confused and wonder if i missed something amidst it all.
thank you, I love this forum. and look forward to talking to you folks in the future
Was looking for anybody who has the know how of wine bonds fresh in their minds to give me a little advice, answer a couple questions, and maybe suggest something I havent thought of yet!
Basically my main question is does the tax credit of $0.90 per gallon apply when figuring out the bond coverage? or only afterward when taxes actually must be paid?(im guessing the latter, but I just want clarification for peace of mind)
Also, a section of the federal application says this: "Taxpaid Wine Storage: Describe where and how any taxpaid wine will be stored on the premises and the means used to segregate and identify taxpaid wine from untaxpaid wine."
that underlined part makes me think I missed something. However, the only reason I can fathom I would have both taxpaid and unpaid is having wine produced from the previous year that wasn't sold yet. Is that correct?
I probably answered both my questions myself right there, but like I said this is more for peace of mind. With reading so many many many pages over the months its easy to get confused and wonder if i missed something amidst it all.
thank you, I love this forum. and look forward to talking to you folks in the future