Title 46, ShippingRelease 119-102
§53312 Assessment and Collection of Deficiency Tax
Title 46 › Subtitle V — Merchant Marine › Part C — Financial Assistance Programs › CHAPTER 533 — CONSTRUCTION RESERVE FUNDS › § 53312
Summary
The government can assess or sue at any time to collect a tax shortfall that comes from including an amount in income under section 53311, or that section treats as a deficiency instead of an adjustment for the declared value excess profits tax. 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
Aug 21, 2026
Release point: 119-102