[Federal Register Volume 60, Number 241 (Friday, December 15, 1995)] [Notices] [Page 64470] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 95-30516] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Customs Service Notice of Revised Time Frames Regarding Test of Reconciliation for Adjustments Made to the Price of Imported Merchandise by Related Party Companies Under 26 U.S.C. 482 AGENCY: U.S. Customs Service, Department of the Treasury. ACTION: Notice of revised time frames for test. ----------------------------------------------------------------------- SUMMARY: This document announces Customs decision to revise the time frames regarding the test Customs plans to conduct involving the use of reconciliation for those related party importers which have reason to believe upward adjustments may be made to the price of imported merchandise for tax purposes pursuant to 26 U.S.C. 482. In a prior Federal Register notice (60 FR 46141), Customs set out the eligibility requirements for voluntary participation in the test and described the basis on which Customs will select participants. This notice revises the time frames for both applicants to volunteer and for the commencement and conclusion of the planned test. DATES: Applications to participate in this reconciliation test must be filed with and approved by Customs on or before May 1, 1996. The test will commence no earlier than May 1, 1996, and will cover entry summaries filed by selected participants from May 1, 1996, to December 31, 1996, or the end of the participant's tax year, whichever comes first. Participants must file the reconciliation summary, which provides the outstanding value information, within 15 months of the filing of the first affected entry summary or by July 31, 1997, whichever comes first. ADDRESSES: To be considered for voluntary participation in this test, applications should be submitted to Mr. William F. Inch, Director, Office of Regulatory Audit, Office of Strategic Trade, U.S. Customs Service, 1301 Constitution Avenue, N.W., Room 2311, Washington, D.C. 20229-0001. Once the test is underway, reconciliation summaries shall be filed to the attention of Mr. Matthew Krimski, Office of Regulatory Audit, Office of Strategic Trade, U.S. Customs Service, 1301 Constitution Avenue, N.W., Washington, D.C. 20229. FOR FURTHER INFORMATION CONTACT: Matthew Krimski, (202) 927-0411. SUPPLEMENTARY INFORMATION: Background On September 5, 1995, Customs published a document in the Federal Register (60 FR 46141) announcing plans to conduct a test regarding the use of reconciliation for those related party importers which have reason to believe upward adjustments may be made to the price of imported merchandise for tax purposes pursuant to 26 U.S.C. 482. The document described the objectives of the test, the application process to participate, the eligibility criteria, selectivity criteria and test evaluation criteria. The document invited public participation in the test and set forth a deadline for applications at no later than October 1, 1995. The planned commencement of the test was October 1, 1995. Customs is now revising certain elements of the September 5, document. Customs now plans to begin the test no earlier than May 1, 1996, and the test will cover entry summaries filed by the selected participants from May 1, 1996, to December 31, 1996, or the end of the participant's tax year, whichever comes first. Participants must file the reconciliation summary, which provides the outstanding value information, within 15 months of the filing of the first affected entry summary or by July 31, 1997, whichever comes first. Further, by applying, applicants agree that the value for merchandise covered by all entry summaries filed by them or on their behalf on or after May 1, 1996, until the end of the tax year or December 31, 1996, whichever comes first, shall be finally determined by the liquidation of the reconciliation filed in accordance with the test. The time frame for Customs acceptance and approval of applications to participate in the test has been revised to May 1, 1996. Applications shall be addressed to Mr. William F. Inch as indicated above in this document. To be eligible to participate in the test, a participant's tax year must end between May 1, 1996 and December 31, 1996. For purposes of the reconciliation test, reconciliation summaries shall be filed to the attention of Matthew Krimski, Office of Regulatory Audit, Office of Strategic Trade, U.S. Customs Service, 1301 Constitution Avenue, N.W., Washington, D.C. 20229. Aside from the revised information set forth in this document, all other information regarding the reconciliation test set forth in the Federal Register document of September 5, 1995, is still applicable. Dated: December 6, 1995. Karen J. Hiatt, Acting Assistant Commissioner, Office of Strategic Trade. [FR Doc. 95-30516 Filed 12-14-95; 8:45 am] BILLING CODE 4820-02-P