46 U.S.C. § 53505 — Ceiling on deposits

(a) Maximum Deposits. The amount deposited in a fund for a tax year can't be more than the sum of: (1) the part of the owner's or lessee's taxable income for the year (figured under the Internal Revenue Code, without counting net operating or capital loss carrybacks or this chapter) that comes from operating agreement vessels in U.S. foreign or domestic trade or fisheries; (2) the depreciation deduction allowed under Internal Revenue Code section 167 for agreement vessels that year; (3) if not already counted under (1), the net proceeds (as defined in joint regulations) from selling an agreement vessel or from insurance or indemnity for one; and (4) income earned from investing or reinvesting money already in the fund. (b) Reductions for Lessees. For a lessee, the maximum that can be deposited under (a)(2) for an agreement vessel is reduced by whatever amount the owner is required or allowed to deposit for that same vessel and period under (a)(2).