26-U.S.C.-5354
§5354 – Bond
Pathway
Title 26 > Subtitle E > Chapter 51 > Subchapter F > Part I > Section 5354
Details
- Reference: Section 5354
- Legend: §5354 – Bond
- USCode Year: 2013
Provision Content
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 proprietors 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.)
Prior Provisions
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.
Amendments
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.
1976—Pub. L. 94–455 struck out or his delegate after Secretary wherever appearing.
Effective Date of 1996 Amendment
Amendment by Pub. L. 104–188 effective, except as otherwise expressly provided, as if included in the provision of the Revenue Reconciliation Act of 1990, Pub. L. 101–508, title XI, to which such amendment relates, see section 1702(i) of Pub. L. 104–188, set out as a note under section 38 of this title.
Effective Date of 1984 Amendment
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.
U.S. Encyclopedia of Law Coverage
Part I – Return of Materials Used In The Manufacture Or Recovery of Distilled Spirits in the Legal Encyclopedia: Excise Taxes
In this entry about Part I – Return of Materials Used In The Manufacture Or Recovery of Distilled Spirits, find legal reference material, bibliographies and premiere content related to excise taxes in the American Encyclopedia of Law, presenting a comprehensive view of the United States excise taxes-specific issues, written by authorities in the field.
26-U.S.C.-5315 in the Legal Encyclopedia: Wines
In this entry about 26-U.S.C.-5315, find legal reference material, bibliographies and premiere content related to wines in the American Encyclopedia of Law, presenting a comprehensive view of the United States wines-specific issues, written by authorities in the field.
Part I – Establishment in the Legal Encyclopedia: Distilled Spirits
In this entry about Part I – Establishment, find legal reference material, bibliographies and premiere content related to distilled spirits in the American Encyclopedia of Law, presenting a comprehensive view of the United States distilled spirits-specific issues, written by authorities in the field.
Part III – Miscellaneous Provisions in the Legal Encyclopedia: And Beer
In this entry about Part III – Miscellaneous Provisions, find legal reference material, bibliographies and premiere content related to and beer in the American Encyclopedia of Law, presenting a comprehensive view of the United States and beer-specific issues, written by authorities in the field.
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