26 U.S.C. § 5721 — Inventories

Page 3271 TITLE 26—INTERNAL REVENUE CODE § 5722 holding a permit has not in good faith complied with this chapter, or with any other provision of this title involving intent to defraud, or has violated the condi- tions of such permit, or has failed to disclose any mate- rial information required or made any material false statement in the application for such permit, or has failed to maintain his premises in such manner as to protect the revenue, the Secretary shall issue an order, stating the facts charged, citing such person to show cause why his permit should not be suspended or re- voked. If, after hearing, the Secretary finds that such person has not in good faith complied with this chapter or with any other provision of this title involving in- tent to defraud, has violated the conditions of such per- mit, has failed to disclose any material information re- quired or made any material false statement in the ap- plication therefor, or has failed to maintain his prem- ises in such manner as to protect the revenue, such per- mit shall be suspended for such period as the Secretary deems proper or shall be revoked.’’ 1997—Subsec. (a). Pub. L. 105–33 inserted ‘‘or im- porter’’ after ‘‘manufacturer’’. 1976—Pub. L. 94–455 struck out ‘‘or his delegate’’ after ‘‘Secretary’’ wherever appearing. 1958—Subsec. (a). Pub. L. 85–859 substituted ‘‘manu- facturer of tobacco products’’ for ‘‘manufacturer of ar- ticles’’, included export warehouse proprietors, and struck out provisions which related to dealers in to- bacco materials. Subsecs. (b), (c). Pub. L. 85–859 redesignated subsec. (c) as (b) and struck out former subsec. (b) that re- quired permits to be posted. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2009 AMENDMENT Amendment by section 702(b)(2) of Pub. L. 111–3 effec- tive Feb. 4, 2009, see section 702(b)(3) of Pub. L. 111–3, set out as a note under section 5712 of this title. Amendment by section 702(a)(1)(B) of Pub. L. 111–3 ef- fective Apr. 1, 2009, see section 702(a)(6) of Pub. L. 111–3, set out as a note under section 5702 of this title. EFFECTIVE DATE OF 1997 AMENDMENT Amendment by Pub. L. 105–33 applicable to articles removed, as defined in section 5702(j) of this title, after Dec. 31, 1999, with transition rule, see section 9302(i) of Pub. L. 105–33, set out as a note under section 5701 of this title. EFFECTIVE DATE OF 1958 AMENDMENT Amendment by Pub. L. 85–859 effective Sept. 3, 1958, see section 210(a)(1) of Pub. L. 85–859, set out as an Ef- fective Date note under section 5001 of this title. Subchapter C—Operations by Manufacturers and Importers of Tobacco Products and Ciga- rette Papers and Tubes and Export Ware- house Proprietors Sec. 5721. Inventories. 5722. Reports. 5723. Packages, marks, labels, and notices. Editorial Notes AMENDMENTS 1976—Pub. L. 94–455, title XIX, § 1905(b)(7)(D), Oct. 4, 1976, 90 Stat. 1823, substituted ‘‘and notices’’ for ‘‘no- tices, and stamps’’ in item 5723. 1958—Pub. L. 85–859, title II, § 202, Sept. 2, 1958, 72 Stat. 1422, substituted ‘‘Manufacturers and Importers of Tobacco Products and Cigarette Papers and Tubes and Export Warehouse Proprietors’’ for ‘‘Manufacturers of Articles’’ in heading of subchapter and inserted ‘‘marks,’’ in item 5723. § 5721. Inventories Every manufacturer or importer of tobacco products, processed tobacco, or cigarette papers and tubes, and every export warehouse propri- etor, shall make a true and accurate inventory at the time of commencing business, at the time of concluding business, and at such other times, in such manner and form, and to include such items, as the Secretary shall by regulation pre- scribe. Such inventories shall be subject to verification by any internal revenue officer. (Aug. 16, 1954, ch. 736, 68A Stat. 713; Pub. L. 85–859, title II, § 202, Sept. 2, 1958, 72 Stat. 1422; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 105–33, title IX, § 9302(h)(2)(A), Aug. 5, 1997, 111 Stat. 674; Pub. L. 111–3, title VII, § 702(a)(2)(A), Feb. 4, 2009, 123 Stat. 108.) Editorial Notes AMENDMENTS 2009—Pub. L. 111–3 inserted ‘‘, processed tobacco,’’ after ‘‘tobacco products’’. 1997—Pub. L. 105–33 inserted ‘‘or importer’’ after ‘‘manufacturer’’. 1976—Pub. L. 94–455 struck out ‘‘or his delegate’’ after ‘‘Secretary’’. 1958—Pub. L. 85–859 substituted ‘‘manufacturer of to- bacco products or cigarette papers and tubes’’ for ‘‘manufacturer of articles’’ and ‘‘internal revenue offi- cer’’ for ‘‘revenue officer’’, and inserted provisions to include export warehouse proprietors. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2009 AMENDMENT Amendment by Pub. L. 111–3 effective Apr. 1, 2009, see section 702(a)(6) of Pub. L. 111–3, set out as a note under section 5702 of this title. EFFECTIVE DATE OF 1997 AMENDMENT Amendment by Pub. L. 105–33 applicable to articles removed, as defined in section 5702(j) of this title, after Dec. 31, 1999, with transition rule, see section 9302(i) of Pub. L. 105–33, set out as a note under section 5701 of this title. EFFECTIVE DATE OF 1958 AMENDMENT Amendment by Pub. L. 85–859 effective Sept. 3, 1958, see section 210(a)(1) of Pub. L. 85–859, set out as an Ef- fective Date note under section 5001 of this title. § 5722. Reports Every manufacturer or importer of tobacco products, processed tobacco, or cigarette papers and tubes, and every export warehouse propri- etor, shall make reports containing such infor- mation, in such form, at such times, and for such periods as the Secretary shall by regula- tion prescribe. (Aug. 16, 1954, ch. 736, 68A Stat. 713; Pub. L. 85–859, title II, § 202, Sept. 2, 1958, 72 Stat. 1422; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 105–33, title IX, § 9302(h)(2)(A), Aug. 5, 1997, 111 Stat. 674; Pub. L. 111–3, title VII, § 702(a)(2)(B), Feb. 4, 2009, 123 Stat. 108.) Editorial Notes AMENDMENTS 2009—Pub. L. 111–3 inserted ‘‘, processed tobacco,’’ after ‘‘tobacco products’’. 1997—Pub. L. 105–33 inserted ‘‘or importer’’ after ‘‘manufacturer’’.