Internal Revenue Service TaxLinks.com sm Rev. Rul. 75-398 1975-2 C.B. 434 Section 4221 -- Excise Tax Exemptions IRS Headnote (Also Section 4041; 26 CFR 154.1-1.) Full Text Rev. Rul. 75-398 Rev. Rul. 74-346, 1974-2 C.B. 361, as modified by Rev. Rul. 75-190, 1975-1 C.B. 348, sets forth a list of foreign countries that the Secretary of Commerce has found allow substantially reciprocal privileges in respect of aircraft registered in the United States for purposes of the special rule provided by section 4221(e)(1) of the Internal Revenue Code of 1954. That special rule relates to excise tax exemptions with respect to articles sold for use as supplies for civil aircraft registered in a foreign country and employed in foreign trade or trade between the United States and any of its possessions. The Secretary of the Treasury has been advised by the Secretary of Commerce that he has found the privileges granted by Iran and Morocco to be substantially reciprocal in respect of aircraft registered in the United States for purposes of the provisions of section 4221(e)(1) of the Code. Therefore, the list of countries that have been found to allow substantially reciprocal privileges should include "Iran" and "Morocco." Rev. Rul. 74-346 is modified. |