26 U.S.C. § 5721
§ 5721. Inventories
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Last changed February 4, 2009 by the Public Law 111-3.
Every change, newest first (5)
- February 4, 2009Public Law 111-3
- August 5, 1997Public Law 105-33
- October 4, 1976Tax Reform Act of 1976
- September 2, 1958Technical Amendments Act of 1958
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
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.