Taxation of deposits on failure of conditions

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. 53311 - Taxation of deposits on failure of conditions From the U.S. Government Publishing Office, www.gpo.gov

§53311. Taxation of deposits on failure of conditions

A deposited gain, if otherwise taxable income under the law applicable to the taxable year in which the gain was realized, shall be included in gross income for that taxable year, except for purposes of the declared value excess profits tax and the capital stock tax, if— (1) the deposited gain is not expended or obligated within the appropriate period under section 53310 of this title; (2) the deposited gain is withdrawn before the end of that period; (3) the construction related to that deposited gain has not progressed to the extent of 5 percent of completion within the appropriate period under section 53310 of this title; or (4) the Secretary of Transportation finds and certifies to the Secretary of the Treasury that, for causes within the control of the taxpayer, the entire construction related to that deposited gain is not completed with reasonable dispatch.

(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1590.)

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

53311 46 App.:1161(i). June 29, 1936, ch. 858, title V, §511(i), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107; July 17, 1952, ch. 939, §13(b), 66 Stat. 764; Pub. L. 97–31, §12(92)(A), Aug. 6, 1981, 95 Stat. 161.

The last sentence of 46 App. U.S.C. 1161(i) is omitted as obsolete.