26 U.S.C. § 5176 — New or renewed bonds
submitted 68 years ago by Pub. L. 85-859 to r/title-26-INTERNAL-REVENUE-CODE · 94 words · no verdicts yet
This section requires new bonds when a surety becomes insolvent or is removed and allows the Secretary to require new bonds in other situations affecting a bond. It also directs the Secretary to collect the tax if a plant proprietor refuses or fails to provide or renew a required bond and does not remove the spirits and pay the tax.
(a) General. New bonds are required under sections 5173 and 5175 if a surety becomes insolvent or is removed. The Secretary* may also require new bonds whenever another situation affects a bond’s validity or reduces its effectiveness.
(b) Bonds. If the proprietor of a distilled-spirits* plant fails or refuses to provide, or renew, the bond required by section 5173(a)(1), and does not immediately remove the spirits and pay their tax, the Secretary must begin collecting the tax.
New bonds shall be required under sections 5173 and 5175 in case of insolvency or removal of any surety, and may, at the discretion of the Secretary*, be required in any other contingency affecting the validity or impairing the efficiency of such bond.
If the proprietor of a distilled spirits plant* fails or refuses to furnish a bond required under paragraph (1) of section 5173(a) or to renew the same, and neglects to immediately withdraw the spirits* and pay the tax thereon, the Secretary shall proceed to collect the tax.
Source credit: (Added Pub. L. 85–859, title II, § 201, Sept. 2, 1958, 72 Stat. 1353; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 96–39, title VIII, § 807(a)(16), July 26, 1979, 93 Stat. 282.)
- 1958Enacted · Pub. L. 85-859 · 72 Stat. 1353
- 1976Amended · Pub. L. 94-455 · 90 Stat. 1834
- 1979Amended · Pub. L. 96-39 · 93 Stat. 282
A history note hasn’t been published yet. The record shows enactment by Pub. L. 85-859 on 1958-09-02.
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