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

U.S Code last checked for updates: May 10, 2024

§ 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,

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—

(1)

Customs value

(2)

Import

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

cite as: 26 USC 1059A