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46 U.S.C. § 53308 — Order and proportions of deposits and withdrawals

submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 117 words · no verdicts yet

in plain englishAI-generated · not legal advice

When money goes into a construction reserve fund in several deposits, the untaxed gain portion counts as deposited first. Withdrawals come out in deposit order, and a withdrawal from a mixed deposit is treated as gain in the same proportion the deposit itself was made up of gain.

In this chapter: (1) if the net proceeds of a sale, or the net indemnity for a loss, get split across more than one deposit, the gain portion of that money is treated as having been deposited first; (2) money that is spent, obligated, or otherwise withdrawn from the fund is applied against deposits in the order they were made; and (3) if a deposit is partly made up of a gain not recognized under section 53306, any spending, obligation, or withdrawal against that deposit is treated as gain in the same proportion that gain made up of the whole deposit.
the actual law source: uscode.house.gov ↗public domain

In this chapter—

(1)

if the net proceeds of a sale or the net indemnity for a loss is deposited in more than one deposit, the amount consisting of the gain shall be deemed to be deposited first;

(2)

amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and

(3)

if a deposit consists in part of a gain not recognized under section 53306 of this title, any expenditure, obligation, or withdrawal applied against that deposit shall be deemed to be a gain in the proportion that the part of the deposit consisting of a gain bears to the total amount of the deposit.

Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1589.)

history & why it existsrecord from the source credit
  • 2006Enacted · Pub. L. 109-304 · 120 Stat. 1589

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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