Title 46 — ShippingRelease 119-73
§53312 Assessment and collection of deficiency tax
Title 46 › Subtitle Subtitle V— - Merchant Marine › Part Part C— - Financial Assistance Programs › Chapter CHAPTER 533— - CONSTRUCTION RESERVE FUNDS › § 53312
Summary
The government may, at any time, assess or sue to collect a tax shortfall caused by adding an amount to gross income under section 53311, including amounts that section 53311 treats as deficiencies instead of as declared-value excess-profits-tax adjustments. Interest on that shortfall does not start until the deposited gain (or part of it) must be included in gross income under section 51111.
Full Legal Text
Title 46, §53312
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Notwithstanding any other provision of law, a deficiency in tax for a taxable year resulting from the inclusion of an amount in gross income as provided by section 53311 of this title, and the amount to be treated as a deficiency under section 53311 instead of as an adjustment for the declared value excess profits tax, may be assessed or a civil action may be brought to collect the deficiency without assessment, at any time. Interest on a deficiency or amount to be treated as a deficiency does not begin until the date the deposited gain or part of the deposited gain in question is required to be included in gross income under section 51111.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 5331246 App.:1161(j).June 29, 1936, ch. 858, title V, § 511(j), as added Oct. 10, 1940, ch. 849, 54 Stat. 1108.
Reference
Citations & Metadata
Citation
46 U.S.C. § 53312
Title 46 — Shipping
Last Updated
Apr 6, 2026
Release point: 119-73