26 U.S. Code § 1059A - Limitation on taxpayer’s basis or inventory cost in property imported from related persons
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.
Except as provided in regulations, the term “import” means the entering, or withdrawal from warehouse, for consumption.
Written determinations for this section
These documents, sometimes referred to as "Private Letter Rulings", are taken from the IRS Written Determinations page; the IRS also publishes a fuller explanation of what they are and what they mean. The collection is updated (at our end) daily. It appears that the IRS updates their listing every Friday.
Note that the IRS often titles documents in a very plain-vanilla, duplicative way. Do not assume that identically-titled documents are the same, or that a later document supersedes another with the same title. That is unlikely to be the case.
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- Upwards Adjustments to Customs Value : 2010-10-29
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