232 Lift-Off
Debits & Credits, September 5, 2026. Laughs are nonrefundable.
Transcript. Panel 1, a client holding a drone and an invoice stamped “Section 232, 25%”: “It was under IEEPA, then 122, then 301… now it’s 232? Can I just call it a business expense?” Panel 2, Debit at his desk beside a customs classification table (drones under 25 kg with no thermal imaging, 0%; drones of 25 kg or more, 25%; drones with thermal imaging, any weight, 25%): “National-security threat. Over 25 kg or thermal imaging? Classification controls the rate. Substance over form still applies.” Panel 3, Debit with his “It depends.” mug: “Effective yesterday. The refund claim? Still pending under the last statute.”
Section 232 is section 232 of the Trade Expansion Act of 1962 (19 U.S.C. §1862).
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This alert is for general information only and is not tax, legal, investment, or accounting advice. Consult your own advisers before acting. Carlos A. Schmidt, MBT, MBA, CPA · Managing Member · carlos@lapresallc.com · (917) 558-6393.