§53311 Taxation of Deposits on Failure of Conditions

Summary

If a gain is put into a deposit but would otherwise be taxable in the year it happened, the taxpayer must count that gain as income for that year (except for the declared value excess profits tax and the capital stock tax) when any of these occur. The money isn't spent or committed within the time allowed under section 53310, it is taken out before that time ends, the related construction isn't at least 5 percent complete within that time, or the Secretary of Transportation tells the Treasury Secretary that, because of reasons the taxpayer controlled, the whole construction wasn't finished with reasonable speed.