October 2018 — Question 65
Mary’s Motor speedway in Buffalo, NY purchased 1 BMW car from Everything Foreign Auto dealers in London. The invoice that was prepared for the sale and the shipment of the car listed the total price paid or payable of 100,000 British pounds. The sales contract did not include an agreed upon currency exchange rate. The car was shipped by vessel from Liverpool, England on March 25, 2018 and arrived in Newark, NJ on April 3, 2018. The certified quarterly rate of exchange for the British pound on March 25, 2018 was $1.50. However, the certified quarterly rate of exchange for the pound on April 3, 2018 was $2.00. Which of the following is the value to be declared for entry purposes?
- A$100,000
- B$150,000✓ CBP's answer
- C$200,000
- D$250,000
- E$300,000
CBP's cited authority
Answer and citations as published in CBP's official answer key for the October 2018 examination.
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