46 U.S.C. § 53309 — Accumulation of deposits
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 77 words · no verdicts yet
This section treats qualifying year-end construction reserve deposits as retained for reasonable business needs.
For a taxable year, amounts remaining in a construction reserve fund on the last day, when section 53310’s requirements have been satisfied to the extent then applicable, are treated as retained for the business’s reasonable needs under section 537(a) of the 1986 Internal Revenue Code.
For any taxable year, amounts on deposit in a construction reserve fund on the last day of the taxable year, for which the requirements of section 53310 of this title have been satisfied (to the extent they apply on the last day of the taxable year), are deemed to have been retained for the reasonable needs of the business within the meaning of section 537(a) of the Internal Revenue Code of 1986 (26 U.S.C. 537(a)).
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1589.)
- 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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