Title 46, ShippingRelease 119-102
§53513 Corporate Reorganizations and Partnership Changes
Title 46 › Subtitle V — Merchant Marine › Part C — Financial Assistance Programs › CHAPTER 535 — CAPITAL CONSTRUCTION FUNDS › § 53513
Summary
Joint regulations may treat transfers of a capital construction fund in transactions covered by 26 U.S.C. 381 as not being nonqualified withdrawals, and the same rule can apply to partnership continuations under subchapter K (26 U.S.C. 701 et seq.).
Full Legal Text
Title 46, §53513
Shipping, Source: USLM XML via OLRC
Under joint regulations—
(1)a transfer of a capital construction fund from one person to another person in a transaction to which section 381 of the Internal Revenue Code of 1986 (26 U.S.C. 381) applies may be treated as if the transaction is not a nonqualified withdrawal; and
(2)a similar rule shall be applied to a continuation of a partnership (within the meaning of subchapter K of chapter 1 of such Code (26 U.S.C. 701 et seq.)).
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 5351346 App.:1177(i).June 29, 1936, ch. 858, title VI, § 607(i), 49 Stat. 2005; June 23, 1938, ch. 600, §§ 23–28, 52 Stat. 960; Aug. 4, 1939, ch. 417, § 10, 53 Stat. 1185; July 17, 1952, ch. 939, §§ 17–19, 66 Stat. 764; Pub. L. 85–637, Aug. 14, 1958, 72 Stat. 216; Pub. L. 86–518, § 1, June 12, 1960, 74 Stat. 216; Pub. L. 87–45, § 6, May 27, 1961, 75 Stat. 91; Pub. L. 87–271, Sept. 21, 1961, 75 Stat. 570; restated Pub. L. 91–469, § 21(a), Oct. 21, 1970, 84 Stat. 1031.
Reference
Citations & Metadata
Citation
46 U.S.C. § 53513
Title 46, Shipping
Last Updated
Aug 21, 2026
Release point: 119-102