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    decipher.legal

    Created by Michael Wessels
    1. U.S. Code
    2. Title 26
    3. Subtitle A
    4. CHAPTER 1
    5. Subchapter O
    6. PART IV

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

    (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,

    (b) Customs value; import

    For purposes of this section—

    (1) Customs value

    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.

    (2) Import

    Except as provided in regulations, the term “import” means the entering, or withdrawal from warehouse, for consumption.