46 U.S.C. § 53507 — Nontaxation of deposits
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 231 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
Subject to subsection (b), under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.)—
taxable income (determined without regard to this chapter and section 7518 of such Code (26 U.S.C. 7518)) for the taxable year shall be reduced by the amount deposited for the taxable year out of amounts referred to in section 53505(a)(1) of this title;
a gain from a transaction referred to in section 53505(a)(3) of this title shall not be taken into account if an amount equal to the net proceeds (as defined in joint regulations*) from the transaction is deposited in the fund;
the earnings (including gains and losses) from the investment and reinvestment of amounts held in the fund shall not be taken into account;
the earnings and profits of a corporation (within the meaning of section 316 of such Code (26 U.S.C. 316)) shall be determined without regard to this chapter and section 7518 of such Code (26 U.S.C. 7518); and
in applying the tax imposed by section 531 of such Code (26 U.S.C. 531), amounts held in the fund shall not be taken into account.
This section applies to an amount only if the amount is deposited in the fund under the agreement within the time provided in joint regulations.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1594.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1594
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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