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46 U.S.C. § 53311 — Taxation of deposits on failure of conditions

submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 147 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section requires certain deposited gains to be included in gross income when construction-reserve conditions fail.

A deposited gain that would otherwise be taxable in the year realized must be included in gross income for that year, except for declared-value excess-profits and capital-stock taxes, if (1) it is not spent or committed within section 53310’s period; (2) it is withdrawn before that period ends; (3) related construction has not reached 5% completion in that period; or (4) Transportation finds and certifies to Treasury that, for reasons within the taxpayer’s control, all related construction was not completed with reasonable speed.
the actual law source: uscode.house.gov ↗public domain

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the deposited gain is withdrawn before the end of that period;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.

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

history & why it existsrecord from the source credit
  • 2006Enacted · Pub. L. 109-304 · 120 Stat. 1590

A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.

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