New Hook, Same Duty
Open full sizeDebits & Credits, September 30, 2026. Laughs are nonrefundable.
Transcript. Panel 1, a cart of crated Canada maple fittings tagged IEEPA, §122 expired, and §301 at 10%. Debit: “Ten percent yesterday. Ten percent today. Different Code section.” Panel 2, two coworkers inspect the crate, now tagged §338. One: “The crate didn’t move. The authority did.” Other: “Did the goods change?” Reply: “Only the statute.” Panel 3, Debit at his desk with a stack of returns. Debit: “Substance over form. Form over IEEPA. Your basis is the invoice. Ours is whichever section is still standing.”
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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.