Inventories

  1. Law
  2. USC 26
  3. Internal Revenue Code
  4. Alcohol, Tobacco, and Certain Other Excise Taxes
  5. TOBACCO PRODUCTS AND CIGARETTE PAPERS AND TUBES
  6. Operations by Manufacturers and Importers of Tobacco Products and Cigarette Papers and Tubes and Export Warehouse Proprietors
  7. Inventories

Checkout our iOS App for a better way to browser and research.

§5721. Inventories

Every manufacturer or importer of tobacco products, processed tobacco, or cigarette papers and tubes, and every export warehouse proprietor, shall make a true and accurate inventory at the time of commencing business, at the time of concluding business, and at such other times, in such manner and form, and to include such items, as the Secretary shall by regulation prescribe. Such inventories shall be subject to verification by any internal revenue officer.

(Aug. 16, 1954, ch. 736, 68A Stat. 713 ; Pub. L. 85–859, title II, §202, Sept. 2, 1958, 72 Stat. 1422 ; Pub. L. 94–455, title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834 ; Pub. L. 105–33, title IX, §9302(h)(2)(A), Aug. 5, 1997, 111 Stat. 674 ; Pub. L. 111–3, title VII, §702(a)(2)(A), Feb. 4, 2009, 123 Stat. 108 .)

Amendments

2009-Pub. L. 111–3 inserted ", processed tobacco," after "tobacco products".

1997-Pub. L. 105–33 inserted "or importer" after "manufacturer".

1976-Pub. L. 94–455 struck out "or his delegate" after "Secretary".

1958-Pub. L. 85–859 substituted "manufacturer of tobacco products or cigarette papers and tubes" for "manufacturer of articles" and "internal revenue officer" for "revenue officer", and inserted provisions to include export warehouse proprietors.

Effective Date of 2009 Amendment

Amendment by Pub. L. 111–3 effective Apr. 1, 2009, see section 702(a)(6) of Pub. L. 111–3, set out as a note under section 5702 of this title.

Effective Date of 1997 Amendment

Amendment by Pub. L. 105–33 applicable to articles removed, as defined in section 5702(j) of this title, after Dec. 31, 1999, with transition rule, see section 9302(i) of Pub. L. 105–33, set out as a note under section 5701 of this title.

Effective Date of 1958 Amendment

Amendment by Pub. L. 85–859 effective Sept. 3, 1958, see section 210(a)(1) of Pub. L. 85–859, set out as an Effective Date note under section 5001 of this title.


Download our app to see the most-to-date content.