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October 2020 P.M. Question 60 U.S. Customs Broker License Exam Discussion

Videos of the Day • 10m

Following CBLE question is the focus of this video:

Henry Ford imported twelve ball bearings with integral shafts from Germany, which are classified under subheading 8482.10.10, Harmonized Tariff Schedule of the United States, at a 2.4 percent ad valorem duty rate and are subject to antidumping duties. The ball bearings are shipped by air and formally entered at John F. Kennedy International Airport. The total value of the shipment is $9875.00 USF. The applicable antidumping duty cash deposit rate is 72.65 percent. Using the above information only what is the total amount of fees and estimated duties that should be reported on CBP Form 7501?

A. $271.21
B. $7208.40
C. $7411.19
D. $7445.40
E. $7457.74 

Correct Answer: (D).

#Code of Federal Regulations (CFR) Title 19
#24.23
#CBP Forms
#CBP Form 7501
#CBP Form 7501 Instructions
#CBP Publications
#Automated Commercial Environment (ACE)
#ACE Entry Summary Instructions

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    Following CBLE question is the focus of this video:

    What is the time limit after the date of sale for filing a petition for restoration of proceeds of sale?

    A. 1 month
    B. 2 months
    C. 3 months
    D. 5 months
    E. 8 months

    Correct Answer: (C).

    #Code of Federal Regulations (CFR) Title 19
    #171.42

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