Same Crate, Different Statute
Open full sizeDebits & Credits, September 17, 2026. Laughs are nonrefundable.
Transcript. Panel 1, a customs window marked CBP, CAPE / ACE. A clerk stamps a manila slip while an importer stands by a crate labeled WIDGETS. Clerk: “IEEPA refund certified. Plus interest.” Importer: “Keep it coming.” Panel 2, same window, same crate, now tagged Ch. 99, Sec. 301. The importer holds a duty bill. Clerk: “Same crate. New hook. Section 301 is due.” Importer: “Do I just sign the refund back to you?” Panel 3, Debit at his desk with the red pencil and the “It depends.” mug; the importer holds the refund slip in one hand and the duty bill in the other. Debit: “Duty out. Duty in. The Code does not net at the dock.” Caption: Customs is paying back the struck IEEPA duties and collecting the ones that lived.
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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.