The Minus Sign
Open full sizeDebits & Credits, September 20, 2026. Laughs are nonrefundable.
Transcript. Panel 1, a Treasury clerk in a green visor points at the Monthly Treasury Statement; the customs-duties line is circled in red and printed in parentheses. Clerk: “The revenue line grew a minus sign.” Panel 2, an importer on a loading dock holds a giant CBP check for IEEPA duty refunds; the crate behind him is stamped IEEPA, §122, and §301. Importer: “They sent the duty back. Is this income?” Panel 3, Debit at his desk with the red pencil and the “It depends.” mug, inventory ledgers stacked at his elbow. Debit: “You put it in inventory. Take it out of basis.” Caption: Customs booked the minus. Basis does the rest.
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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.