FEDERAL · 46 U.S.C. · Chapter 533
Taxation of deposits on failure of conditions
46 U.S.C. § 53311
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Chapter533 — CONSTRUCTION RESERVE FUNDS
This text of 46 U.S.C. § 53311 (Taxation of deposits on failure of conditions) 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. § 53311.
Text
A deposited gain, if otherwise taxable income under the law applicable to the taxable year in which the gain was realized, shall be included in gross income for that taxable year, except for purposes of the declared value excess profits tax and the capital stock tax, if—
(1)the deposited gain is not expended or obligated within the appropriate period under section 53310 of this title;
(2)the deposited gain is withdrawn before the end of that period;
(3)the construction related to that deposited gain has not progressed to the extent of 5 percent of completion within the appropriate period under section 53310 of this title; or
(4)the Secretary of Transportation finds and certifies to the Secretary of the Treasury that, for causes within the control of the taxpayer, the entire constructio
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Related
§ 53310
46 U.S.C. § 53310
Source Credit
History
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1590.)
Editorial Notes
The last sentence of 46 App. U.S.C. 1161(i) is omitted as obsolete.
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Bluebook (online)
46 U.S.C. § 53311, Counsel Stack Legal Research, https://law.counselstack.com/usc/46/53311.