Statutory Text

46 U.S.C. § 53309 — Accumulation of deposits

U.S.C. Title 46 - SHIPPING 46 U.S.C. United States Code, 2023 Edition Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 533 - CONSTRUCTION RESERVE FUNDS Sec. 53309 - Accumulation of deposits From the U.S. Government Publishing Office, www.gpo.gov

§53309. Accumulation of deposits

For any taxable year, amounts on deposit in a construction reserve fund on the last day of the taxable year, for which the requirements of section 53310 of this title have been satisfied (to the extent they apply on the last day of the taxable year), are deemed to have been retained for the reasonable needs of the business within the meaning of section 537(a) of the Internal Revenue Code of 1986 (26 U.S.C. 537(a)).

(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1589.)

Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)

53309 46 App.:1161(f). June 29, 1936, ch. 858, title V, §511(f), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107.

The words "are deemed to have been retained for the reasonable needs of the business within the meaning of section 537(a) of the Internal Revenue Code of 1986 (26 U.S.C. 537(a))" are substituted for "shall not constitute an accumulation of earnings or profits within the meaning of section 102 of the Internal Revenue Code" because section 102 of the Internal Revenue Code of 1939 has been superseded by part 1 of subchapter G of chapter 1 of the Internal Revenue Code of 1986 (26 U.S.C. 531 et seq.). See also 46 C.F.R. §287.16 (2003).

Source: uscode.house.gov — public domain Official Source ↗

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BS-USC46-SEC-F156BB

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STATUTE / FEDERAL-CODE-SECTION

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boisestandard.org

Citation

46 U.S.C. § 53309

Jurisdiction

Federal — United States

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PRIMARY-SOURCE

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The statutory text of 46 U.S.C. § 53309 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).

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← 46 U.S.C. § 53308 46 U.S.C. § 53310 →

Ch. 533 — CONSTRUCTION RESERVE FUNDS

46 U.S.C. § 53301 46 U.S.C. § 53302 46 U.S.C. § 53303 46 U.S.C. § 53304 46 U.S.C. § 53305 46 U.S.C. § 53306 46 U.S.C. § 53307 46 U.S.C. § 53308 46 U.S.C. § 53309 46 U.S.C. § 53310 46 U.S.C. § 53311 46 U.S.C. § 53312

46 U.S.C. — public domain ← All Legislation