[Code of Federal Regulations]
[Title 27, Volume 1]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR24.313]

[Page 670-671]
 
            TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS
 
 CHAPTER I--ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE 
                                TREASURY
 
PART 24_WINE--Table of Contents
 
                      Subpart O_Records and Reports
 
Sec.  24.313  Inventory record.

    A proprietor who files monthly or quarterly reports shall prepare a 
record of the physical inventory of all wine and spirits in storage at 
the close of business for each tax year, or where a different cycle has 
been established, the inventory will be taken at the end of that annual 
period. Such proprietors may use an annual inventory period different 
from the period beginning July 1 and ending June 30 by submitting a 
notice to the appropriate TTB officer. However, proprietors who file 
quarterly reports must select an annual inventory period that begins on 
the first day of a calendar quarter. Proprietors who file reports on a 
calendar year basis under the provisions of Sec.  24.300(g) of this part 
shall take the physical inventory at the close of the calendar year. The 
inventory record will be retained on file with the proprietor's TTB F 
5120.17, Report of Bonded Wine Premises Operations, for the reporting 
period when the inventory was taken. If a proprietor who files monthly 
reports takes a complete inventory at other times during the year, 
losses disclosed will be reported on the TTB F 5120.17 and the inventory 
record will be maintained on file with the report for each month when an 
inventory was taken. The proprietor's inventory record will include:
    (a) Description of wine. (1) State the generic name (e.g., port, 
claret) or designate as a white, rose or red table or dessert wine; or
    (2) Wine intended to be marketed with a vintage date, varietal name, 
or geographical designation will be appropriately identified, e.g., 1977 
Napa Valley Pinot Noir; and
    (3) If the wine is other than grape wine, state the type, e.g., 
orange, honey.
    (b) Bulk containers. Tanks containing wine will be listed by tank 
number. Bulk containers which are barrels or puncheons containing the 
same kind of wine may be summarized, e.g., 10 barrels--red table wine 
500 gals.;
    (c) Cases, bottles and other similar containers. The total volume of 
one kind of wine in cases, bottles and similar containers may be entered 
as one item and appropriately identified;
    (d) Inventory summary. The volume of bulk and bottled or packed wine 
will be totaled separately in wine gallons or in liters, by tax class, 
and reported on the TTB F 5120.17. Spirits will also be totaled and 
reported on the TTB F 5120.17; and
    (e) Inventory record. All inventory pages will be numbered 
consecutively and the last inventory page will be dated and signed after 
the statement,

[[Page 671]]

``Under penalties of perjury, I declare that I have examined this 
inventory record and to the best of my knowledge and belief, it is a 
true, correct and complete record of all wine and spirits required to be 
inventoried.'' (Sec. 201, Pub. L. 85-859, 72 Stat. 1381, as amended (26 
U.S.C. 5367, 5369))

(Approved by the Office of Management and Budget under control numbers 
1512-0216 and 1512-0298)

[T.D. ATF-299, 55 FR 24989, June 19, 1990, as amended by T.D. ATF-338, 
58 FR 19065, Apr. 12, 1993; T.D. ATF-409, 64 FR 13683, Mar. 22, 1999; 
T.D. TTB-41, 71 FR 5603, Feb. 2, 2006]