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46 U.S.C. § 53513 — Corporate reorganizations and partnership changes
Federal law — U.S. Code and appendices · legal_authorities
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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section381&num=0&edition=prelim)) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section701&num=0&edition=prelim) et seq.)).
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Stable record: federal_law:legal_authorities:record_usc_f05043e0ed4743ac5917474e
Source file: Laws/federal/codes/united-states-code/title-46/section-53513-corporate-reorganizations-and-partnership-changes--1b10ab9d35.md
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Source location: Title 46, Chapter 535, § 53513; chapter-535-capital-construction-funds.md
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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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section381&num=0&edition=prelim)) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section701&num=0&edition=prelim) et seq.)).
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Federal law — U.S. Code and appendices · legal_authorities
A partnership as such shall not be subject to the income tax imposed by this chapter. Persons carrying on business as partners shall be liable for income tax only in their separate or individual capacities.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 701
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of the acquisition of assets of a corporation by another corporation—
(1) in a distribution to such other corporation to which section 332 (relating to liquidations of subsidiaries) applies; or
(2) in a transfer to which section 361 (relating to nonrecognition of gain or loss to corporations) applies, but only if the transfer is in connection with a reorganization described in subparagraph (A), (C), (D), (F), or (G) of section 368(a)(1),
the acquiring corporation shall succeed to and take into account, as of the close of the day of distribution or transfer, the items described in subsection (c) of the distributor or transferor corporation, subject to the conditions and limitations specified in subsections (b) and (c). For purposes of the preceding sentence, a reorganization shall be treated as meeting the requirements of subparagraph (D) or (G) of section 368(a)(1) only if the requirements of subparagraphs (A) and (B) of section 354(b)(1) are met.
**(b) Operating rules** Except in the case of an acquisition in connection with a reorganization described in subparagraph (F) of section 368(a)(1)—
(1) The taxable year of the distributor or transferor corporation shall end on the date of distribution or transfer.
(2) For purposes of this section, the date of distribution or transfer shall be the day on which the distribution or transfer is completed; except that, under regulations prescribed by the Secretary, the date when substantially all of the property has been distributed or transferred may be used if the distributor or transferor corporation ceases all operations, other than liquidating activities, after such date.
(3) The corporation acquiring property in a distribution or transfer described in subsection (a) shall not be entitle
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 381
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In General.—** Except as provided in [section 53513 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53513&num=0&edition=prelim), a withdrawal from a fund that is not a qualified withdrawal shall be treated as a nonqualified withdrawal.
**(b) Order of Withdrawals.—** A nonqualified withdrawal shall be treated as made—
(1) first from the ordinary income account;
(2) second from the capital gain account; and
(3) third from the capital account.
**(c) Tax Treatment.—** For purposes of the Internal Revenue Code of 1986 ([26 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1&num=0&edition=prelim) et seq.)—
(1) a nonqualified withdrawal from the ordinary income account shall be included in income as an item of ordinary income for the taxable year in which the withdrawal is made;
(2) a nonqualified withdrawal from the capital gain account shall be included in income for the taxable year in which the withdrawal is made as an item of gain realized during that year from the disposition of an asset held for more than 6 months; and
(3) for the period through the last date prescribed for payment of tax for the taxable year in which the withdrawal is made—
(A) no interest shall be payable under section 6601 of such Code ([26 U.S.C. 6601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section6601&num=0&edition=prelim)) and no addition to the tax shall be payable under section 6651 of such Code ([26 U.S.C. 6651](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section6651&num=0&edition=prelim));
(B) interest on the amount of the additional tax attributable to an amount treated as a nonqualified withdrawal from the ordinary income account or the cap
Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 53511
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Federal law — U.S. Code and appendices · legal_authorities
Page 1153
TITLE 26—INTERNAL REVENUE CODE
§ 381
Sec.
383.
Special limitations on certain excess credits,
etc.
384.
Limitation on use of preacquisition losses to
offset built-in gains.
Editorial Notes
AMENDMENTS
1987—Pub. L. 100–203, title X, § 10226(b), Dec. 22, 1987,
101 Stat. 1330–415, added item 384.
1986—Pub. L. 99–514, title VI, § 621(c)(2), Oct. 22, 1986,
100 Stat. 2266, substituted ‘‘Limitation on net operating
loss carryforwards and certain built-in losses following
ownership change’’ for ‘‘Special limitations on net op-
erating loss carryovers’’ in item 382 and ‘‘Special limi-
tations on certain excess credits, etc.’’ for ‘‘Special
limitations on unused business credits, research cred-
its, foreign taxes, and capital losses’’ in item 383.
1984—Pub. L. 98–369, div. A, title IV, § 474(r)(12)(C),
July 18, 1984, 98 Stat. 842, substituted ‘‘unused business
credits, research credits, foreign taxes, and capital
losses’’ for ‘‘carryovers of unused investment credits,
work incentive program credits, new employee credits,
alcohol fuel credits, research credits, employee stock
ownership credits, foreign taxes, and capital losses’’ in
item 383.
1981—Pub. L. 97–34, title II, § 221(b)(1)(E), title III,
§ 331(d)(1)(E), Aug. 13, 1981, 95 Stat. 246, 295, inserted ref-
erences to alcohol fuel credits, research credits, and
employee stock ownership credits in item 383. For ap-
plicability of amendment by section 221(b)(1)(E) to
amounts paid or incurred after June 30, 1981, and before
Jan. 1, 1986, see section 221(d) of Pub. L. 97–34, set out
as an Effective Date note under section 30 of this title.
1977—Pub. L. 95–30, title II, § 202(d)(3)(D), May 23, 1977,
91 Stat. 148, inserted ‘‘new employee credits,’’ after
‘‘work incentive program credits,’’ in
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 381
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 381. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1863
TITLE 26—INTERNAL REVENUE CODE
§ 702
section 692(c) of the Internal Revenue Code of 1986 [for-
merly I.R.C. 1954], the Director General of the Multi-
national Force and Observers in the Sinai who died on
February 15, 1984, shall be treated as if he were a civil-
ian employee of the United States while he served as
such Director General.’’
Subchapter K—Partners and Partnerships
Part
I.
Determination of tax liability.
II.
Contributions, distributions, and transfers.
III.
Definitions.
[IV.
Repealed.]
Editorial Notes
AMENDMENTS
2015—Pub. L. 114–74, title XI, § 1101(b)(1), Nov. 2, 2015,
129 Stat. 625, struck out item for part IV ‘‘Special rules
for electing large partnerships’’.
1997—Pub. L. 105–34, title XII, § 1221(b), Aug. 5, 1997,
111 Stat. 1008, added item for part IV.
PART I—DETERMINATION OF TAX
LIABILITY
Sec.
701.
Partners, not partnership, subject to tax.
702.
Income and credits of partner.
703.
Partnership computations.
704.
Partner’s distributive share.
705.
Determination of basis of partner’s interest.
706.
Taxable years of partner and partnership.
707.
Transactions between partner and partner-
ship.
708.
Continuation of partnership.
709.
Treatment of organization and syndication
fees.
Editorial Notes
AMENDMENTS
1976—Pub. L. 94–455, title II, § 213(b)(2), title XIX,
§ 1901(b)(23), Oct. 4, 1976, 90 Stat. 1547, 1798, struck out
part IV ‘‘Effective date for subchapter’’ in table of
parts of subchapter K of chapter 1 and added item 709.
§ 701. Partners, not partnership, subject to tax
A partnership as such shall not be subject to
the income tax imposed by this chapter. Persons
carrying on business as partners shall be liable
for income tax only in their separate or indi-
vidual capacities.
(Aug. 16, 1954, ch.
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 701
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 701. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 432
TITLE 46—SHIPPING
§ 53512
of such Code (26 U.S.C. 172) for the taxable
year in which the withdrawal occurs.
(4) COORDINATION
WITH
DEDUCTION
FOR
NET
OPERATING LOSSES.—A nonqualified withdrawal
excluded from gross income under paragraph
(1) shall be excluded in determining taxable in-
come under section 172(b)(2) of such Code (26
U.S.C. 172(b)(2)).
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1597;
Pub. L. 112–240, title I, § 102(c)(1)(E), Jan. 2, 2013,
126 Stat. 2319.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
53511 ..........
46 App.:1177(h) (less
(2) (last sen-
tence)).
June 29, 1936, ch. 858, title
VI, § 607(h) (less (2) (last
sentence)), 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. 1030; Pub.
L. 97–31, § 12(97)(A), Aug. 6,
1981, 95 Stat. 162; Pub. L.
99–514, title II, § 261(e)(6),
Oct. 22, 1986, 100 Stat. 2215;
Pub. L. 100–647, title I,
§ 1002(m)(2), Nov. 10, 1988,
102 Stat. 3382; Pub. L.
101–508,
title
XI,
§ 11101(d)(7)(B),
Nov.
5,
1990, 104 Stat. 1388–405;
Pub. L. 105–34, title III,
§ 311(c)(2), Aug. 5, 1997, 111
Stat. 835; Pub. L. 108–27,
title III, § 301(a)(2)(E), May
28, 2003, 117 Stat. 758.
In subsection (c)(3)(C), the words ‘‘or in the case of
any nonqualified withdrawal arising from the applica-
tion of the recapture provision of section 1176(5) of this
Appendix as in effect on December 31, 1969’
Source: Supplied 2024 U.S. Code historical extraction · 46 U.S.C. § 53513
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.