26 U.S.C. § §1059A. Limitation on taxpayer's basis o — §1059A. Limitation on taxpayer's basis or inventory cost in property imported from related persons

FEDERAL · 26 U.S.C. · Chapter Subchapter O—Gain or Loss on Disposition of Property

§1059A. Limitation on taxpayer's basis or inventory cost in property imported from related persons

26 U.S.C. § §1059A. Limitation on taxpayer's basis o

ChapterSubchapter O—Gain or Loss on Disposition of Property

PartIV

This text of 26 U.S.C. § §1059A. Limitation on taxpayer's basis o (§1059A. Limitation on taxpayer's basis or inventory cost in property imported from related persons) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

26 U.S.C. § §1059A. Limitation on taxpayer's basis o.

Text

(a)In general 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—

(1)which are taken into account in computing the basis or inventory cost of such property by the purchaser, and

(2)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.

(b)Customs value; import 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

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(a) In general
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—
(1) which are taken into account in computing the basis or inventory cost of such property by the purchaser, and
(2) 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.
(b) Customs value; import
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

History

(Added Pub. L. 99–514, title XII, §1248(a), Oct. 22, 1986, 100 Stat. 2584.)

Editorial Notes

Statutory Notes and Related Subsidiaries

Effective Date
Pub. L. 99–514, title XII, §1248(c), Oct. 22, 1986, 100 Stat. 2584, provided that: "The amendments made by this section [enacting this section] shall apply to transactions entered into after March 18, 1986."

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26 U.S.C. § §1059A. Limitation on taxpayer's basis o, Counsel Stack Legal Research, https://law.counselstack.com/usc/26/§1059A. Limitation on taxpayer's basis o.