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46 U.S.C. § 53312 — Assessment and collection of deficiency tax
Federal law — U.S. Code and appendices · legal_authorities
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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53311&num=0&edition=prelim), 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.
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Source file: Laws/federal/codes/united-states-code/title-46/section-53312-assessment-and-collection-of-deficiency-tax--f3406ae528.md
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Source location: Title 46, Chapter 533, § 53312; chapter-533-construction-reserve-funds.md
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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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53311&num=0&edition=prelim), 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.
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Federal law — U.S. Code and appendices · legal_authorities
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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53310&num=0&edition=prelim);
(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53310&num=0&edition=prelim); 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.
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Federal law — U.S. Code and appendices · legal_authorities
Page 418
TITLE 46—SHIPPING
§ 53311
1 Editorially supplied.
ted as obsolete. In paragraph (1)(A), the words ‘‘or, with
the approval of the Secretary of Transportation, for a
part interest in a new vessel or for the reconstruction
or reconditioning of a new vessel’’ are substituted for
‘‘(or in the discretion of the Secretary of Transpor-
tation, for a part interest therein), or, with the ap-
proval of the Secretary of Transportation, for the re-
construction or reconditioning of a new vessel or ves-
sels’’ to eliminate unnecessary words.
In subsection (c), the proviso in 46 App. U.S.C. 1161(h)
is omitted as obsolete.
§ 53311. Taxation of deposits on failure of condi-
tions
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 ob-
ligated 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 depos-
ited 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 tax-
payer, the entire construction related to that
deposited gain is not completed with reason-
able dispatch.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1590.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53311 ..........
46 App.:1161(i).
June 29, 1936, ch. 858
Source: Supplied 2024 U.S. Code historical extraction · 46 U.S.C. § 53312
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