10 U.S.C. § 8473 — Gifts, bequests, and loans of property: acceptance for benefit and use of Naval Academy

submitted 70 years ago by ch. 1041 to r/title-10-ARMED-FORCES · 360 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary of the Navy may accept gifts, bequests, and property loans that benefit the Naval Academy or its Museum. Money goes into the Naval Academy Gift and Museum Fund and counts as a gift to the United States for tax purposes. The Secretary of the Treasury may invest the Fund's money in government securities.

(a) The Secretary of the Navy may accept, hold, manage, and spend any gift or bequest of personal property, and may accept, hold, and manage any loan of personal property (other than money), as long as it is given on condition that it benefit, or be used in connection with, the Naval Academy or the Naval Academy Museum, its collection, or its services. Gifts and bequests of money, and proceeds from selling gifted property, are deposited in the Treasury in a fund called the "United States Naval Academy Gift and Museum Fund." The Secretary may spend money from that fund for the benefit or use of the Academy (including the Museum), following the terms of the gift or bequest. (b) The Secretary must prescribe written guidelines for deciding whether accepting money, personal property, or a loan of personal property under (a) would reflect unfavorably on the ability of the Navy Department, or any of its officers or employees, to carry out their duties fairly and objectively, or would compromise the integrity — or the appearance of integrity — of any Navy Department program that an officer or employee is involved with. (c) For federal income, estate, and gift tax purposes, property accepted under this section is treated as a gift or bequest to or for the use of the United States. (d) At the Secretary of the Navy's request, the Secretary of the Treasury may invest, reinvest, or hold investments of money or securities that are part of the United States Naval Academy Gift and Museum Fund, in United States government securities or securities the United States guarantees as to principal and interest. Interest and other returns from those securities are credited to the Fund and may be spent as this section provides.

the actual law source: uscode.house.gov ↗public domain

(a)

The Secretary of the Navy may accept, hold, administer, and spend any gift or bequest of personal property, and may accept, hold, and administer any loan of personal property other than money, that is made on the condition that it be used for the benefit of, or for use in connection with, the Naval Academy or the Naval Academy Museum, its collection, or its services. Gifts and bequests of money and the proceeds from the sales of property received as gifts shall be deposited in the Treasury in the fund called “United States Naval Academy Gift and Museum Fund”. The Secretary may disburse funds deposited under this subsection for the benefit or use of the Naval Academy (including the Naval Academy Museum) subject to the terms of the gift or bequest.

(b)

The Secretary shall prescribe written guidelines to be used for determinations of whether the acceptance of money, any personal property, or any loan of personal property under subsection (a) would reflect unfavorably on the ability of the Department of the Navy or any officer or employee of the Department of the Navy to carry out responsibilities or duties in a fair and objective manner, or would compromise either the integrity or the appearance of the integrity of any program of the Department of the Navy or any officer or employee of the Department of the Navy who is involved in any such program.

(c)

For the purpose of Federal income, estate, and gift taxes, property that is accepted under this section is considered as a gift or bequest to or for the use of the United States.

(d)

Upon the request of the Secretary of the Navy, the Secretary of the Treasury may invest, reinvest, or retain investments of money or securities comprising any part of the United States Naval Academy Gift and Museum Fund in securities of the United States or in securities guaranteed as to principal and interest by the United States. The interest and benefits accruing from those securities shall be deposited to the credit of the United States Naval Academy Gift and Museum Fund and may be disbursed as provided in this section.

Source credit: (Aug. 10, 1956, ch. 1041, 70A Stat. 436, § 6973; Pub. L. 106–398, § 1 [[div. A], title IX, § 942(c)], Oct. 30, 2000, 114 Stat. 1654, 1654A–241; renumbered § 8473, Pub. L. 115–232, div. A, title VIII, § 807(c)(1), Aug. 13, 2018, 132 Stat. 1836.)

history & why it existsrecord from the source credit

1956Enacted · Act of Aug. 10, 1956, ch. 1041
2000Amended · Pub. L. 106-398 · 114 Stat. 1654, 1654
2018Amended · Pub. L. 115-232 · 132 Stat. 1836

A history note hasn’t been published yet. The record shows enactment by ch. 1041 on 1956-08-10.

all 0 arguments · sorted by: best

no arguments yet — make the first case