Penn v. United States

U.S. Customs Court

Penn v. United States

23 Cust. Ct. 219, 1949 Cust. Ct. LEXIS 1108

United States Customs Court·Decided December 2, 1949·No. No. 53771; protest 61023-K (New York)·Published

Opinion

Opinion by

Ekwall, J.

It was stipulated that the issue herein is the same in all material respects as that presented in The Otto Gerdau Co. v. United States (21 Cust. Ct. 24, C. D. 1120) and Mamary Bros., Inc. v. United States (id. 135, C. D. 1142). In accordance therewith it was held that the currency of the invoice should be converted at the buying rate in the New York market at noon on the day of exportation (the “free” rate of exchange for pounds sterling), as certified by the Federal Reserve bank and set forth by the collector on the entry. The protest was sustained to this extent.

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Opinion by

Ekwall, J.

It was stipulated that the issue herein is the same in all material respects as that presented in The Otto Gerdau Co. v. United States (21 Cust. Ct. 24, C. D. 1120) and Mamary Bros., Inc. v. United States (id. 135, C. D. 1142). In accordance therewith it was held that the currency of the invoice should be converted at the buying rate in the New York market at noon on the day of exportation (the “free” rate of exchange for pounds sterling), as certified by the Federal Reserve bank and set forth by the collector on the entry. The protest was sustained to this extent.

Penn v. United States, 23 Cust. Ct. 219, 1949 Cust. Ct. LEXIS 1108 (cusc 1949).

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Opinion

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