26 USC 4162 - Definitions; treatment of certain resales

U.S Code last checked for updates: Nov 26, 2024

§ 4162.

Definitions; treatment of certain resales

(a)

Sport fishing equipment defined

For purposes of this part, the term “sport fishing equipment” means—

(1)

fishing rods and poles (and component parts therefor),

(2)

fishing reels,

(3)

fly fishing lines, and other fishing lines not over 130 pounds test,

(4)

fishing spears, spear guns, and spear tips,

(5)

items of terminal tackle, including—

(A)

leaders,

(B)

artificial lures,

(C)

artificial baits,

(D)

artificial flies,

(E)

fishing hooks,

(F)

bobbers,

(G)

sinkers,

(H)

snaps,

(I)

drayles, and

(J)

swivels,

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—

(A)

fish stringers,

(B)

creels,

(C)

tackle boxes,

(D)

bags, baskets, and other containers designed to hold fish,

(E)

portable bait containers,

(F)

fishing vests,

(G)

landing nets,

(H)

gaff hooks,

(I)

fishing hook disgorgers, and

(J)

dressing for fishing lines and artificial flies,

(7)

fishing tip-ups and tilts,

(8)

fishing rod belts, fishing rodholders, fishing harnesses, fish fighting chairs, fishing outriggers, and fishing downriggers, and

(9)

electric outboard boat motors.

(b)

Treatment of certain resales

(1)

In general

If—

(A)

the manufacturer, producer, or importer sells any article taxable under section 4161(a) to any person,

(B)

the constructive sale price rules of section 4216(b) do not apply to such sale, and

(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

If—

(A)

tax is imposed on the sale of any article by reason of paragraph (1), and

(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

(4)

Regulations

(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.)

cite as: 26 USC 4162