46 U.S.C. § 53311: Taxation of deposits on…

Summary

A deposited gain must be counted as gross income in the tax year you realized it, except for the declared value excess profits tax and the capital stock tax. It becomes taxable if the deposit isn’t used or committed in the required time, is withdrawn early, the related construction is less than 5 percent complete, or the Secretary of Transportation certifies to the Secretary of the Treasury that, because of the taxpayer, the construction was not completed with reasonable dispatch.

Title 46, §53311

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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(2)the deposited gain is withdrawn before the end of that period;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 construction related to that deposited gain is not completed with reasonable dispatch.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 5331146 App.:1161(i).June 29, 1936, ch. 858, title V, § 511(i), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107; July 17, 1952, ch. 939, § 13(b), 66 Stat. 764; Pub. L. 97–31, § 12(92)(A), Aug. 6, 1981, 95 Stat. 161. The last sentence of 46 App. U.S.C. 1161(i) is omitted as obsolete.

§53311 Taxation of Deposits on Failure of Conditions

Summary

Title 46, §53311

Notes & Related Subsidiaries

Historical and Revision Notes

Citations & Metadata