Tax comic · November 2026

Which Hook?

Debits & Credits · Tariffs · Customs · Section 301 · Section 232

Debits & Credits comic strip: Which Hook?. Transcript below.Open full size

Debits & Credits, November 3, 2026. Laughs are nonrefundable.

Transcript. Panel 1, an importer stands at the U.S. Customs counter with a crate marked “Widgets, China.” Importer: “What’s the duty rate on these today?” Panel 2, a customs officer holds up three stamps: IEEPA, §122, and §301. Officer: “Yesterday IEEPA was void. This morning §122 expired. Now it’s the forced-labor §301. Tomorrow maybe §232.” Panel 3, Debit at his desk under a sign reading “Debit, Tax Practitioner.” Debit: “Character is still duty. Basis is still landed cost. Effective date is after lunch.”

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This alert is for general information only and is not tax, legal, investment, or accounting advice. Consult your own advisers before acting. Carlos A. Schmidt, MBT, MBA, CPA · carlos@lapresallc.com · (917) 558-6393.