The bond for a bonded wine cellar shall be in such form, on such conditions, and with such adequate surety, as regulations issued by the Secretary shall prescribe, and shall be in a penal sum not less than the tax on any wine or distilled spirits possessed or in transit at any one time (taking into account the appropriate amount of credit with respect to such wine under section 5041(c)), but not less than $1,000 nor more than $50,000; except that where the tax on such wine and on such distilled spirits exceeds $250,000, the penal sum of the bond shall be not more than $100,000. Where additional liability arises as a result of deferral of payment of tax payable on any return, the Secretary may require the proprietor to file a supplemental bond in such amount as may be necessary to protect the revenue. The liability of any person on any such bond shall apply whether the transaction or operation on which the liability of the proprietor is based occurred on or off the proprietor’s premises.
Pub. L. 85–859, title II, § 20172 Stat. 1379 Pub. L. 94–455, title XIX, § 1906(b)(13)(A)90 Stat. 1834 Pub. L. 98–369, div. A, title IV, § 455(c)98 Stat. 823 Pub. L. 104–188, title I, § 1702(b)(7)110 Stat. 1869 (Added , , ; amended , , ; , , ; , , .)
Editorial Notes
Prior Provisions
act Aug. 16, 1954, ch. 736 68A Stat. 663 Pub. L. 85–859A prior section 5354, , , consisted of provisions similar to those comprising this section, prior to the general revision of this chapter by .
Amendments
Pub. L. 104–1881996— inserted “(taking into account the appropriate amount of credit with respect to such wine under section 5041(c))” after “any one time”.
Pub. L. 98–3691984— substituted “distilled spirits” for “wine spirits” in two places.
Pub. L. 94–4551976— struck out “or his delegate” after “Secretary” wherever appearing.
Statutory Notes and Related Subsidiaries
Effective Date of 1996 Amendment
Pub. L. 104–188Pub. L. 101–508, title XIsection 1702(i) of Pub. L. 104–188section 38 of this titleAmendment by effective, except as otherwise expressly provided, as if included in the provision of the Revenue Reconciliation Act of 1990, , to which such amendment relates, see , set out as a note under .
Effective Date of 1984 Amendment
Pub. L. 98–369section 456(c) of Pub. L. 98–369section 5101 of this titleAmendment by effective , see , set out as an Effective Date note under .