26 U.S.C. § 1059A — Limitation on taxpayer’s basis or inventory cost in property imported from related persons
submitted 40 years ago by Pub. L. 99-514 to r/title-26-INTERNAL-REVENUE-CODE · 164 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
If any property is imported into the United States in a transaction (directly or indirectly) between related persons (within the meaning of section 482), the amount of any costs—
which are taken into account in computing the basis or inventory cost of such property by the purchaser, and
which are also taken into account in computing the customs value of such property,
shall not, for purposes of computing such basis or inventory cost for purposes of this chapter, be greater than the amount of such costs taken into account in computing such customs value.
For purposes of this section—
The term “customs value” means the value taken into account for purposes of determining the amount of any customs duties or any other duties which may be imposed on the importation of any property.
Except as provided in regulations, the term “import” means the entering, or withdrawal from warehouse, for consumption.
Source credit: (Added Pub. L. 99–514, title XII, § 1248(a), Oct. 22, 1986, 100 Stat. 2584.)
- 1986Enacted · Pub. L. 99-514 · 100 Stat. 2584
A history note hasn’t been published yet. The record shows enactment by Pub. L. 99-514 on 1986-10-22.
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