Bonded Wine Warehouse for Credit Purposes

IRC §5353

Allows for the establishment of facilities to store wine and allied products for credit purposes while maintaining the untaxpaid status of the inventory.

Eligibility

Responsible warehouse companies or persons with the consent of a bonded wine cellar proprietor and surety.

Frequently Asked Questions

Who is eligible for the Bonded Wine Warehouse for Credit Purposes?

Responsible warehouse companies or persons with the consent of a bonded wine cellar proprietor and surety.

How does the Bonded Wine Warehouse for Credit Purposes work?

Allows for the establishment of facilities to store wine and allied products for credit purposes while maintaining the untaxpaid status of the inventory.

What law authorizes the Bonded Wine Warehouse for Credit Purposes?

The Bonded Wine Warehouse for Credit Purposes is authorized under IRC §5353 of the Internal Revenue Code (Title 26, United States Code).

Statutory Text — IRC §5353

Source: Internal Revenue Code, Title 26, United States Code

§ 5353. Bonded wine warehouse Any responsible warehouse company or other responsible person may, upon filing application with the Secretary and consent of the proprietor and the surety on the bond of any bonded wine cellar, under regulations prescribed by the Secretary, establish on such premises facilities for the storage of wines and allied products for credit purposes, to be known as a “bonded wine warehouse”. The proprietor of the bonded wine cellar shall remain responsible in all respects for operations in the warehouse and the tax on the wine or wine spirit stored therein. (Added Pub. L. 85–859, title II, § 201, Sept. 2, 1958, 72 Stat. 1379; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.) Editorial Notes Prior ProvisionsA prior section 5353, act Aug. 16, 1954, ch. 736, 68A Stat. 663, consisted of provisions similar to those comprising this section, prior to the general revision of this chapter by Pub. L. 85–859. Amendments1976—Pub. L. 94–455 struck out “or his delegate” after “Secretary” wherever appearing.

Legal Sources

US Code (Official) — 26 USC §5353 → Cornell Law Institute — 26 USC §5353 → Search IRS.gov for IRC §5353 → Treasury Regulations (26 CFR) →

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