Motor Fuel Tax Schedules And Reports Instruction (Page 31 of 43) in pdf

Line 34: Physical inven. = transfer entry from p. 1, Col. F, line 13.

Report the physical inventory at the end of the current report month.

● Enter the physical inventory entry from page 1, Column F, line 13, of the current report.

If your reconciliation is for the current month only, line 35 is your starting point. Note the speciﬁ c

instructions for this purpose for lines 35 and 36.

Line 35: Gains: IF line 33 is less than line 34, enter dif.

If the book inventory on line 33 is less than the physical inventory on line 34, you have a gain.

● To compute the gain, subtract line 33 from line 34, and enter the difference.

● If reconciling the current month only, balance your gains and losses. If the gain on page 1, Column F,

line 14, is greater than the loss on page 1, Column F, line 15, enter the difference on this line. Your

reconciliation is complete. Do not complete lines 36 through 40.

► If you have a gains, enter the gain and STOP HERE.

Line 36: Losses: IF line 33 is greater than line 34, enter dif.

If the book inventory on line 33 is greater than the physical inventory on line 34, you have a loss.

● To compute the loss, subtract line 34 from line 33, and enter the difference.

● If reconciling the current month only, balance your losses and gains. If the loss on page 1, Column F,

line 15, is greater than the gain on page 1, Column F, line 14, enter the difference on this line and

complete lines 37 through 40.

Line 37: Loss allowance = .005 x line 28.

Compute the total gallons on which you may claim a loss allowance for the period covered by the

reconciliation.

● If reconciling multiple months, multiply .005 (1/2 of 1%) times the gallons on line 28.

● If reconciling the current month only, multiply .005 (1/2 of 1%) times the gallons on page 1,

Column F, line 2.

► If the loss allowance is equal to or greater than the loss on line 36, enter the loss allowance and

STOP HERE.

Line 38: Documented casualty losses.

● Enter the number of gallons of fuel lost due to ﬁ re, theft, leakage, spills, or acts of nature.

► When claiming documented losses, you must provide the Tax Commissioner with written

reports by law enforcement ofﬁ cials, ﬁ re ﬁ ghters, inspectors, and similar persons. Without this

documentation, losses claimed on this line will be rejected.

► If the loss allowance on line 37 was less than the loss on line 36, and if the documented

casualty loss for this line is greater than the difference, enter the documented casualty

loss and STOP HERE.

Line 39: Taxable excess losses = lines 36-37-38.

Compute the excess loss gallons subject to the ND $.23 per gallon tax.

● Subtract lines 37 and 38 from line 36.

Line 40: Tax at $.23 per gal. = $.23 x line 39 (enter here, and on p. 1, Col. F. line 20).

Compute the total ND $.23 tax due on excess losses.

● Multiply $.23 times line 39.

● Transfer this entry to page 1, Column F, line 20.

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Motor Fuel Tax Schedules And Reports Instruction Page 31