New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 18A - PETROLEUM GROSS RECEIPTS TAX
Subchapter 4 - EXPORT TRANSACTIONS; ACCOUNTING METHODS
Section 18:18A-4.3 - Accounting methods
Universal Citation: NJ Admin Code 18:18A-4.3
Current through Register Vol. 56, No. 18, September 16, 2024
Where a company using petroleum products in New Jersey makes purchases in New Jersey and also imports petroleum products into the State, and if, subsequently, it exports petroleum products outside the State by pipeline, barge or tank wagon, for example, such company shall use a "first in, first out" (FIFO) accounting method for petroleum products commingled in storage in New Jersey and subsequently exported from the State.
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