Department of the Treasury January 13, 2014 – Federal Register Recent Federal Regulation Documents
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Extension of Import Restrictions Imposed on Certain Archaeological Material From China
This final rule amends the U.S. Customs and Border Protection (CBP) regulations to reflect the extension of import restrictions on certain archaeological material from the People's Republic of China (China) and makes a technical change to the regulations to clarify that the restriction to monumental sculpture and wall art at least 250 years old should be calculated as of January 14, 2009, the date the Memorandum of Understanding (MOU) became effective. These restrictions, which were originally imposed by CBP Dec. 09-03, are due to expire on January 14, 2014, unless extended. The Assistant Secretary for Educational and Cultural Affairs, United States Department of State, has determined that conditions continue to warrant the imposition of import restrictions on the archaeological materials from China. Accordingly, the restrictions will remain in effect for an additional five years, and the CBP regulations are being amended to indicate this further extension through January 14, 2019. Additionally, the Designated List of cultural property described in CBP Dec. 09-03 is revised in this document to clarify that the agreement applies to monumental sculpture and wall art at least 250 years old as of January 14, 2009. These restrictions are being extended pursuant to determinations of the United States Department of State made under the terms of the Convention on Cultural Property Implementation Act in accordance with the United Nations Educational, Scientific and Cultural Organization (UNESCO) Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property. CBP Dec. 09-03 contains the Designated List of archaeological materials that describes the articles to which the restrictions apply.
Sales-Based Royalties and Vendor Allowances
This document contains final regulations relating to the capitalization and allocation of royalties that are incurred only upon the sale of property produced or property acquired for resale (sales- based royalties). This document also contains final regulations relating to adjusting inventory costs for a type of an allowance, discount, or price rebate earned on the sale of merchandise (sales- based vendor chargebacks). These regulations modify the simplified production method and the simplified resale method of allocating capitalized costs between ending inventory and cost of goods sold. These regulations affect taxpayers that incur capitalizable sales-based royalties or earn sales-based vendor chargebacks.
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