§ 5354. Bond
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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 proprietor’s 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.)
Connections19 cite this · traces to 2
Cited by 19 sections · top 14
CFR
- § 24.146Bonds.
- § 24.148Penal sums of bonds.
- § 28.59Bond, Form 5120.36.
- § 24.154Superseding bonds and new bonds for existing proprietors.
- § 24.156Termination of bonds.
- § 24.158Extent of relief.
- § 24.157Application by surety for relief from bond.
- § 19.162Operations bond for distilled spirits plant and adjacent bonded wine cellar.
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- Pub. L. 85–859, title II, § 201
- 72 Stat. 1379
- Pub. L. 94–455, title XIX, § 1906(b)(13)(A)
- 90 Stat. 1834
- Pub. L. 98–369, div. A, title IV, § 455(c)
- 98 Stat. 823
- Pub. L. 104–188, title I, § 1702(b)(7)
- 110 Stat. 1869
- act Aug. 16, 1954, ch. 736
- 68A Stat. 663
- Pub. L. 85–859
- Pub. L. 104–188
- Pub. L. 98–369
- Pub. L. 94–455
- Pub. L. 101–508, title XI
- section 1702(i) of Pub. L. 104–188
- section 456(c) of Pub. L. 98–369
Citation graph
cites case law
§ 5354
Bond
C.F.R.×9
Fed. Reg.×8
Stat.×2
Pub. L.Pub. L. 85–859, title II, § 201
Stat.72 Stat. 1379
Pub. L.Pub. L. 94–455, title XIX, § 1906(b)(13)(A)
Stat.90 Stat. 1834
Pub. L.Pub. L. 98–369, div. A, title IV, § 455(c)
Cites 19 · showing 7Cited by 19 across 3 sources