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46 U.S.C. § 53311 — Taxation of deposits on failure of conditions

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

46 U.S.C. § 53311 — Taxation of deposits on failure of conditions

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(2) the deposited gain is withdrawn before the end of that period; (3) the construction related to that deposited gain has not progressed to the extent of 5 percent of completion within the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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Source location: Title 46, Chapter 533, § 53311; chapter-533-construction-reserve-funds.md

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

46 U.S.C. § 53310 — Obligation of deposits and period for construction of certain vessels

**(a) Application of Sections 53306 and 53309.—** Sections 53306 and 53309 of this title apply to a deposit in a construction reserve fund only if, within 3 years after the date of the deposit (and any extension under subsection (c))— (1) (A) a contract is made for the construction or acquisition of a new vessel 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; (B) the deposit is expended or obligated for expenditure under that contract; (C) at least 12.5 percent of the construction or contract price of the vessel is paid or irrevocably committed for payment; and (D) the plans and specifications for the vessel are approved by the Secretary to the extent the Secretary considers necessary; or (2) the deposit is expended or obligated for expenditure for the liquidation of existing or subsequently incurred purchase-money indebtedness to a person not a parent company of, or a company affiliated or associated with, the mortgagor on a new vessel. **(b) Additional Requirements for Certain Vessels.—** In addition to the requirements of subsection (a)(1), for a vessel not constructed under a construction-differential subsidy contract or not bought from the Secretary of Transportation— (1) at least 5 percent of the construction (or, if the contract covers more than one vessel, at least 5 percent of the construction of the first vessel) must be completed within 6 months after the date of the construction contract (or within the period of an extension under subsection (c)), as estimated by the Secretary and certified by the Secretary to the Secretary of the Treasury; and (2) construction under the contract must be completed with reasonable dispatch thereafter. *

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

46 U.S.C. § 53312 — Assessment and collection of deficiency tax

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

46 U.S.C. § 53311 — Taxation of deposits on failure of condi-

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

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