Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section5354&num=0&edition=prelim
Timestamp: 2020-02-16 22:31:32
Document Index: 230451109

Matched Legal Cases: ['§ 5354', '§5354', '§201', '§1906', '§455', '§1702']

[USC02] 26 USC 5354: Bond
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26 USC 5354: Bond Text contains those laws in effect on February 15, 2020
From Title 26-INTERNAL REVENUE CODESubtitle E-Alcohol, Tobacco, and Certain Other Excise TaxesCHAPTER 51-DISTILLED SPIRITS, WINES, AND BEERSubchapter F-Bonded and Taxpaid Wine PremisesPART I-ESTABLISHMENT
§5354. Bond
The bond for a bonded wine cellar shall be in such form, on such conditions, and with such adequate surety, as regulations issued by the Secretary shall prescribe, and shall be in a penal sum not less than the tax on any wine or distilled spirits possessed or in transit at any one time (taking into account the appropriate amount of credit with respect to such wine under section 5041(c)), but not less than $1,000 nor more than $50,000; except that where the tax on such wine and on such distilled spirits exceeds $250,000, the penal sum of the bond shall be not more than $100,000. Where additional liability arises as a result of deferral of payment of tax payable on any return, the Secretary may require the proprietor to file a supplemental bond in such amount as may be necessary to protect the revenue. The liability of any person on any such bond shall apply whether the transaction or operation on which the liability of the proprietor is based occurred on or off the proprietor's premises.
(Added Pub. L. 85–859, title II, §201, Sept. 2, 1958, 72 Stat. 1379 ; amended Pub. L. 94–455, title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834 ; Pub. L. 98–369, div. A, title IV, §455(c), July 18, 1984, 98 Stat. 823 ; Pub. L. 104–188, title I, §1702(b)(7), Aug. 20, 1996, 110 Stat. 1869 .)
A prior section 5354, act Aug. 16, 1954, ch. 736, 68A Stat. 663 , consisted of provisions similar to those comprising this section, prior to the general revision of this chapter by Pub. L. 85–859.
1996-Pub. L. 104–188 inserted "(taking into account the appropriate amount of credit with respect to such wine under section 5041(c))" after "any one time".
1984-Pub. L. 98–369 substituted "distilled spirits" for "wine spirits" in two places.
Amendment by Pub. L. 98–369 effective July 18, 1984, see section 456(c) of Pub. L. 98–369, set out as an Effective Date note under section 5101 of this title.