2012 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine (§§ 50101 - 58109)
Part C - Financial Assistance Programs (§§ 53101 - 54101)
Chapter 533 - CONSTRUCTION RESERVE FUNDS (§§ 53301 - 53312)
Section 53311 - Taxation of deposits on failure of conditions
| Publication Title | United States Code, 2012 Edition, Title 46 - SHIPPING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | 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 |
| Contains | section 53311 |
| Date | 2012 |
| Laws in Effect as of Date | January 15, 2013 |
| Positive Law | Yes |
| Disposition | standard |
| Source Credit | Pub. L. 109-304, §8(c), Oct. 6, 2006, 120 Stat. 1590. |
| Statutes at Large References | 54 Stat. 1107 66 Stat. 764 95 Stat. 161 120 Stat. 1590 |
| Public Law References | Public Law 97-31, Public Law 109-304 |
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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(2) the deposited gain is withdrawn before the end of that period;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.)
| Revised Section | Source (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.
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