Tax comic · October 2026

Phase 3, Part II

Debits & Credits · Tariffs · Customs · CAPE refunds · Section 301

Debits & Credits comic strip: Phase 3, Part II. Transcript below.Open full size

Debits & Credits, October 8, 2026. Laughs are nonrefundable.

Transcript. Panel 1, at the customs counter under a sign reading CAPE PHASE 3 — IEEPA REFUNDS LIVE, a broker says: “They opened refunds Monday. Finally liquidated entries.” Importer: “So the emergency tariff is dead?” Panel 2, the broker holds up a folder stamped SEC 301, SEC 232, and SEC 338. “Dead. Replaced. Stacked.” Importer: “And Section 122?” Broker: “Expired in July. If it has a steel screw, that is 232.” Panel 3, Debit’s office, mug reading “It depends.” Client, holding the stamped folder: “Do I book the refund or the new duty?” Debit: “Yes.”

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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 · carlos@lapresallc.com · (917) 558-6393.