[Code of Federal Regulations]
[Title 26, Volume 15]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR48.6420-5]

[Page 221-222]
 
                       TITLE 26--INTERNAL REVENUE
 
                  CHAPTER I--INTERNAL REVENUE SERVICE,
                       DEPARTMENT OF THE TREASURY
                               (Continued)
 
PART 48--MANUFACTURERS AND RETAILERS EXCISE TAXES--Table of Contents
 
   Subpart O--Refunds and Other Administrative Provisions of Special 
            Application to Retailers and Manufacturers Taxes
 
Sec. 48.6420-5  Applicable laws.

    (a) Penalties, excessive claims, etc. All provisions of law, 
including penalties, applicable in respect of the tax imposed by section 
4081 shall, to the extent applicable and consistent with section 6420, 
apply in respect of the payments provided for in section 6420

[[Page 222]]

to the same extent as if these payments were refunds of overpayments of 
the tax imposed on the sale of gasoline under section 4081. For special 
rules applicable to the assessment and collection of amounts 
constituting excessive payments under section 6420, see section 6206 and 
the regulations thereunder. For the civil penalty assessable in the case 
of excessive claims under section 6420, see section 6675 and the 
regulations thereunder. For the treatment as an overpayment of an amount 
allowable as an excessive credit under section 39 with respect to 
amounts payable under section 6420, see section 6401(b).
    (b) Examination of books and witnesses. For the purpose of 
ascertaining (1) the correctness of any claim made under section 6420 or 
(2) the correctness of any credit or payment made in respect of the 
claim, the Commissioner shall have the same authority granted by 
paragraphs (1), (2), and (3) of section 7602, relating to examination of 
books and witnesses, as if the person claiming credit or payment under 
section 6420 were the person liable for tax.
    (c) Fractional part of a dollar. Section 6420(e)(3) provides that 
section 7504, relating to fractional parts of a dollar, shall not apply 
with respect to the allowance of any amount as a credit or payment under 
section 6420. Accordingly, credits or payments authorized by section 
6420 shall be made in the exact amount to which the claimant is entitled 
and shall not be rounded to the nearest whole dollar amount.

[T.D. 8043, 50 FR 32038, Aug. 8, 1985]