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Timestamp: 2020-07-11 17:32:15
Document Index: 137532998

Matched Legal Cases: ['§ 51', '§ 51', '§ 51', '§ 51', '§ 51', '§ 51', '§ 51', '§ 51']

§ 51.2 Explanation of terms, 26 C.F.R. § 51.2 | Casetext Search + Citator
Title 26 - Internal RevenueCHAPTER I - INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED)SUBCHAPTER D - MISCELLANEOUS EXCISE TAXES (CONTINUED)
§ 51.2 Explanation of terms
26 C.F.R. § 51.2
(b) Agencies. The term Agencies means -
(c) Branded prescription drug - (1) In general. The term branded prescription drug means -
(e) Covered entity - (1) In general. The term covered entity means any manufacturer or importer with gross receipts from branded prescription drug sales including -
(4) Special rules for controlled groups. For purposes of paragraph (e)(3) of this section (related to controlled groups) -
(5) Covered entity status - (i) Rule. An entity's status as a covered entity begins in the first fee year in which the entity has branded prescription drug sales and continues each subsequent fee year until there are no remaining branded prescription drug sales for that entity to be taken into account as described in § 51.5(c) or used to calculate the adjustment amount described in § 51.5(e).
(f) Designated entity - (1) In general. The term designated entity means the person within a controlled group that is designated to act for the controlled group regarding the fee by -
(2) Selection of designated entity - (i) Controlled group selection of a designated entity. Except as provided in paragraph (f)(2)(ii) of this section, the controlled group may select a person as the designated entity by filing Form 8947 in accordance with the form instructions. The designated entity must state under penalties of perjury that all members of the controlled group have consented to the selection of the designated entity. The designated entity must maintain a record of all member consents. Each member of a controlled group must maintain a record of its consent to the controlled group's selection of the designated entity.
(h) Government programs. The term government programs (collectively “Programs”), means -
(k) Orphan drugs - (1) In general. Except as provided in paragraph (k)(2) of this section, the term orphan drug means any branded prescription drug for which any person claimed a section 45C credit and that credit was allowed for any taxable year.
(2) Exclusions. The term orphan drug does not include -
§ 51.1 Overview
§ 51.3 Information requested from covered entities