FEDERAL · 46 U.S.C. · Chapter 533
Accumulation of deposits
46 U.S.C. § 53309
Title46 — Shipping
Chapter533 — CONSTRUCTION RESERVE FUNDS
This text of 46 U.S.C. § 53309 (Accumulation of deposits) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
46 U.S.C. § 53309.
Text
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)).
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History
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1589.)
Editorial Notes
The words "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))" are substituted for "shall not constitute an accumulation of earnings or profits within the meaning of section 102 of the Internal Revenue Code" because section 102 of the Internal Revenue Code of 1939 has been superseded by part 1 of subchapter G of chapter 1 of the Internal Revenue Code of 1986 (26 U.S.C. 531 et seq.). See also 46 C.F.R. §287.16 (2003).
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Bluebook (online)
46 U.S.C. § 53309, Counsel Stack Legal Research, https://law.counselstack.com/usc/46/53309.