A form that the owner of a terminal where certain liquid material (such as gasoline) is stored must file with the IRS to report the liquid material that has come into and gone out of the terminal. Form 720-TO helps the IRS to keep track of liquid materials subject to federal excise taxes. The form must be filed each month. See also: Form 720.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved