26 U.S. Code § 4162 - Definitions; treatment of certain resales
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(a) Sport fishing equipment defined
For purposes of this part, the term “sport fishing equipment” means—
(5) items of terminal tackle, including—
but not including natural bait or any item of terminal tackle designed for use and ordinarily used on fishing lines not described in paragraph (3), and
(6) the following items of fishing supplies and accessories—
(8) fishing rod belts, fishing rodholders, fishing harnesses, fish fighting chairs, fishing outriggers, and fishing downriggers, and
(b) Treatment of certain resales
(1) In general
(A) the manufacturer, producer, or importer sells any article taxable under section 4161 (a) to any person,
(C) such person (or any other person) sells such article to a related person with respect to the manufacturer, producer, or importer,
then such related person shall be liable for tax under section 4161 in the same manner as if such related person were the manufacturer of the article.
(2) Credit for tax previously paid
(B) the related person establishes the amount of the tax which was paid on the sale described in paragraph (1)(A),
the amount of the tax so paid shall be allowed as a credit against the tax imposed by reason of paragraph (1).
(3) Related person
Source(Added Pub. L. 98–369, div. A, title X, § 1015(b),July 18, 1984, 98 Stat. 1017; amended Pub. L. 99–514, title II, § 201(d)(7)(C), (12), title XVIII, § 1878(b),Oct. 22, 1986, 100 Stat. 2141, 2142, 2903; Pub. L. 108–357, title III, § 334(a), (b),Oct. 22, 2004, 118 Stat. 1478.)
2004—Subsec. (a)(8) to (10). Pub. L. 108–357, § 334(a), inserted “and” at end of par. (8), substituted a period for “, and” at end of par. (9), and struck out par. (10) which read as follows: “sonar devices suitable for finding fish.”
Subsecs. (b), (c). Pub. L. 108–357, § 334(b), redesignatedsubsec. (c) as (b) and struck out heading and text of former subsec. (b). Text read as follows: “For purposes of this part, the term ‘sonar device suitable for finding fish’ shall not include any sonar device which is—
“(1) a graph recorder,
“(2) a digital type,
“(3) a meter readout, or
“(4) a combination graph recorder or combination meter readout.”
1986—Subsec. (a)(6)(I). Pub. L. 99–514, § 1878(b), amended subpar. (I) generally, substituting “hook” for “hood”.
Subsec. (c)(3). Pub. L. 99–514, § 201(d)(7)(C), (12), made identical amendments, substituting “section 465 (b)(3)(C)” for “section 168 (e)(4)(D)”.
Effective Date of 2004 Amendment
Pub. L. 108–357, title III, § 334(c),Oct. 22, 2004, 118 Stat. 1478, provided that: “The amendments made this section [amending this section] shall apply to articles sold by the manufacturer, producer, or importer after December 31, 2004.”
Effective Date of 1986 Amendment
Amendment by section 201(d)(7)(C), (12) ofPub. L. 99–514applicable to property placed in service after Dec. 31, 1986, in taxable years ending after such date, with exceptions, see sections 203 and 204 ofPub. L. 99–514, set out as a note under section 168 of this title.
Amendment by section 201(d)(7)(C), (12) ofPub. L. 99–514not applicable to any property placed in service before Jan. 1, 1994, if such property placed in service as part of specified rehabilitations, and not applicable to certain additional rehabilitations, see section 251(d)(2), (3) ofPub. L. 99–514, set out as a note under section 46 of this title.
Amendment by section 1878(b) ofPub. L. 99–514effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 ofPub. L. 99–514, set out as a note under section 48 of this title.
Pub. L. 98–369, div. A, title X, § 1015(e),July 18, 1984, 98 Stat. 1019, as amended by Pub. L. 99–514, § 2,Oct. 22, 1986, 100 Stat. 2095, provided that:
“(1) In general.—Except as provided in paragraph (2), the amendments made by this section [enacting this section and amending sections 4161 and 6302 of this title] shall apply with respect to articles sold by the manufacturer, producer, or importer after September 30, 1984.
“(2) Treatment of certain resales.—Subsection (c) ofsection 4162 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (relating to treatment of certain resales), as added by this section, shall apply to sales by related persons (as defined in such subsection) after the date of the enactment of this Act [July 18, 1984].”
Plan Amendments Not Required Until January 1, 1989
For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L. 99–514require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 ofPub. L. 99–514, as amended, set out as a note under section 401 of this title.