The following transfers of liquid fuel in Guam made by a distributor shall be exempt from the liquid fuel tax levied under § 26402:

(a) Liquid fuel transferred to vessels engaged in commercial fishing.

(b) Liquid fuel transferred to the United States, or any agency or instrumentality thereof for its use or consumption.

(c) Liquid fuel transferred for aviation purposes and used solely in aircraft under charter to the United States Department of Defense.

(d) Transfer of liquid fuel by a distributor to another distributor.

(e) Transfer of liquid fuel to the government of Guam or any of its instrumentalities.
(f) Transfer of liquid fuel to a point outside of Guam. (g) Stock losses of less than one half of one percent
(.5%) (.005) during the fiscal year of the taxpayer. In
computing taxable or non-taxable stock losses, any gross
stock gains shall be off-set against any gross stock losses in determining net stock losses for the purposes of assessing the tax.

SOURCE: GC § 19575.01, amended by P.L. 18-002:5. Codified by the Compiler as 11 Guam Code Ann. § 26406. Subsection (c) added by P.L. 22-043:1 (11/26/93). Renumbered to § 26404 by P.L. 24-205:5.

2015 NOTE: This provision was originally codified from GC § 19572, entitled “”Drawback.”” Repealed by P.L. 24-205:4.