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46 U.S.C. § 53308 — Order and proportions of deposits and withdrawals

Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53308 — Order and proportions of deposits and withdrawals

In this chapter— (1) if the net proceeds of a sale or the net indemnity for a loss is deposited in more than one deposit, the amount consisting of the gain shall be deemed to be deposited first; (2) amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and (3) if a deposit consists in part of a gain not recognized under [section 53306 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53306&num=0&edition=prelim), any expenditure, obligation, or withdrawal applied against that deposit shall be deemed to be a gain in the proportion that the part of the deposit consisting of a gain bears to the total amount of the deposit.

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Source location: Title 46, Chapter 533, § 53308; chapter-533-construction-reserve-funds.md

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53306 — Recognition of gain for tax purposes

**(a) Definitions.—** In this section, the terms “net proceeds” and “net indemnity” mean the sum of— (1) the adjusted basis of the vessel; and (2) the amount of gain the taxpayer would recognize without regard to this section. **(b) Recognition of Gain.—** In computing net income under the income or excess profits tax laws of the United States, a taxpayer does not recognize a gain on the sale or the actual or constructive total loss of a vessel if the taxpayer— (1) deposits an amount equal to the net proceeds of the sale or the net indemnity for the loss in a construction reserve fund within 60 days after receiving the payment of proceeds or indemnity; and (2) elects under this section not to recognize the gain. **(c) When Election Must Be Made.—** (1) **In general.—** — Except as provided in paragraph (2), the taxpayer must make the election referred to in subsection (b) in the taxpayer’s income tax return for the taxable year in which the gain was realized. (2) **Receipt after taxable year.—** — If the vessel is bought or requisitioned by the United States Government, or is lost, and the taxpayer receives payment for the vessel or indemnity for the loss from the Government after the end of the taxable year in which it was bought, requisitioned, or lost, the taxpayer must make the election referred to in subsection (b) within 60 days after receiving the payment or indemnity, on a form prescribed by the Secretary of the Treasury. **(d) Effect of Statute of Limitation.—** If the taxpayer makes an election under subsection (c)(2), and computation or recomputation under this section is otherwise allowable but is prevented by a statute of limitation on the date the election is made or within 6 months thereafter, the computation or recomputation nevertheless shall b

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53308 — Order and proportions of deposits and

Page 417 TITLE 46—SHIPPING § 53310 § 53308. Order and proportions of deposits and withdrawals In this chapter— (1) if the net proceeds of a sale or the net in- demnity for a loss is deposited in more than one deposit, the amount consisting of the gain shall be deemed to be deposited first; (2) amounts expended, obligated, or other- wise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and (3) if a deposit consists in part of a gain not recognized under section 53306 of this title, any expenditure, obligation, or withdrawal ap- plied against that deposit shall be deemed to be a gain in the proportion that the part of the deposit consisting of a gain bears to the total amount of the deposit. (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1589.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 53308 .......... 46 App.:1161(e). June 29, 1936, ch. 858, title V, § 511(e), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107. § 53309. Accumulation of deposits For any taxable year, amounts on deposit in a construction reserve fund on the last day of the taxable year, for which the requirements of sec- tion 53310 of this title have been satisfied (to the extent they apply on the last day of the taxable year), are deemed to have been retained for the reasonable needs of the business within the meaning of section 537(a) of the Internal Rev- enue Code of 1986 (26 U.S.C. 537(a)). (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1589.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 53309 .......... 46 App.:1161(f). June 29, 1936, ch. 858, title V, § 511(f), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107. The words ‘

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