Reduction in basis of automobile on which gas guzzler tax was imposed
If—
(1)#
the taxpayer acquires any automobile with respect to which a tax was imposed by section 4064, and
(2)#
the use of such automobile by the taxpayer begins not more than 1 year after the date of the first sale for ultimate use of such automobile,
the basis of such automobile shall be reduced by the amount of the tax imposed by section 4064 with respect to such automobile. In the case of importation, if the date of entry or withdrawal from warehouse for consumption is later than the date of the first sale for ultimate use, such later date shall be substituted for the date of such first sale in the preceding sentence.