Section 45IAC12-7-4. Deduction for evaporation, shrinkage, losses, and tax-related expenses

   (a) Except as otherwise provided, a licensed distributor may claim a deduction equal to one and six-tenths percent (1.6%) of the number of invoiced gallons of gasoline received in Indiana during the preceding calendar month less all authorized deductions claimed under sections 701, 702, 703, and 704 of this chapter [45 IAC 12-7-1 through 45 IAC 12-7-3 and IC 6-6-1.1-704].

  (b) The deduction provided by this section may be taken by a licensed distributor when timely reporting and remitting the tax accrued under this chapter [IC 6-6-1.1].

  (c) The deduction provided by this section shall not be allowed for losses covered under section 301(5) of this chapter [45 IAC 12-3-4 and 45 IAC 12-3-5]. (Department of State Revenue; Reg 6-6-1.1-705(010); filed Sep 19, 1983, 2:23 pm: 6 IR 2325; filed Apr 30, 1986, 3:32 pm: 9 IR 2190)