Every manufacturer or importer of tobacco products, processed tobacco, or cigarette papers and tubes, and every export warehouse proprietor, shall make a true and accurate inventory at the time of commencing business, at the time of concluding business, and at such other times, in such manner and form, and to include such items, as the Secretary shall by regulation prescribe. Such inventories shall be subject to verification by any internal revenue officer.

Terms Used In 26 USC 5721

  • Cigarette: means &mdash. See 26 USC 5702
  • Export warehouse: means a bonded internal revenue warehouse for the storage of tobacco products or cigarette papers or tubes or any processed tobacco, upon which the internal revenue tax has not been paid, for subsequent shipment to a foreign country, Puerto Rico, the Virgin Islands, or a possession of the United States, or for consumption beyond the jurisdiction of the internal revenue laws of the United States. See 26 USC 5702
  • Importer: means any person in the United States to whom nontaxpaid tobacco products or cigarette papers or tubes, or any processed tobacco, manufactured in a foreign country, Puerto Rico, the Virgin Islands, or a possession of the United States are shipped or consigned. See 26 USC 5702
  • officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
  • Secretary: means the Secretary of the Treasury or his delegate. See 26 USC 7701
  • Tobacco products: means cigars, cigarettes, smokeless tobacco, pipe tobacco, and roll-your-own tobacco. See 26 USC 5702
  Previous section
Next section  
 Subchapter C Contents