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46 U.S.C. § 53511 — Tax treatment of nonqualified withdrawals

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46 U.S.C. § 53511 — Tax treatment of nonqualified withdrawals

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Source location: Title 46, Chapter 535, § 53511; chapter-535-capital-construction-funds.md

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**(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 capital gain account shall be paid at the rate determined under subsection (d) from the last date prescribed for payment of the tax for the taxable year for which the amount was deposited in the fund; and (C) no interest shall be payable on amounts treated as withdrawn on a last-in-first-out basis under [section 53512 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53512&num=0&edition=prelim). **(d) Interest Rate.—** The rate of interest under subsection (c)(3)(B) for a nonqualified withdrawal made in a taxable year beginning after 1971 shall be determined and published jointly by the Secretary and the Secretary of the Treasury. The rate shall be such that its relationship to 8 percent is comparable, as determined by the Secretaries under joint regulations, to the relationship between— (1) the money rates and investment yields for the calendar year immediately before the beginning of the taxable year; and (2) the money rates and investment yields for the calendar year 1970. **(e) Nonqualified Withdrawals.—** (1) **In general.—** — The following applicable percentage of any amount that remains in a capital construction fund at the close of the following specified taxable year following the taxable year for which the amount was deposited shall be treated as a nonqualified withdrawal: If the amount remains in the fund at the close of the—The applicable percentage is— 26th taxable year20 percent 27th taxable year40 percent 28th taxable year60 percent 29th taxable year80 percent 30th taxable year100 percent. (2) **Earnings.—** — The earnings of a capital construction fund for any taxable year (except net gains) shall be treated under this subsection as an amount deposited for the taxable year. (3) **Contract for qualified withdrawal.—** — Under paragraph (1), an amount shall not be treated as remaining in a capital construction fund at the close of a taxable year to the extent there is a binding contract at the close of the taxable year for a qualified withdrawal of the amount for an identified item for which the withdrawal may be made. (4) **Excess earnings.—** — If the Secretary determines that the balance in a capital construction fund exceeds the amount appropriate to meet the vessel construction program objectives of the person that established the fund, the amount of the excess shall be treated as a nonqualified withdrawal under paragraph (1) unless the person develops appropriate program objectives within 3 years to dissipate the excess. (5) **Amounts in fund on january 1, 1987.—** — Under this subsection, amounts in a capital construction fund on January 1, 1987, shall be treated as having been deposited in that fund on that date. **(f) Tax Determinations.—** (1) **In general.—** — For a taxable year for which there is a nonqualified withdrawal (including an amount treated as a nonqualified withdrawal under subsection (e)), the tax imposed by chapter 1 of the Internal Revenue Code of 1986 (26 U.S.C. ch. 1) shall be determined by— (A) excluding the withdrawal from gross income; and (B) increasing the tax imposed by chapter 1 of such Code by the product of the amount of the withdrawal and the highest tax rate specified in section 1 (or section 11 for a corporation) of such Code ([26 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1&num=0&edition=prelim), 11). (2) **Maximum tax rate.—** — For that portion of a nonqualified withdrawal made from the capital gain account during a taxable year to which section 1(h) or 1201(a) 11 See References in Text note below. of such Code ([26 U.S.C. 1(h)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1/h&num=0&edition=prelim), 1201(a)) applies, the tax rate used under paragraph (1)(B) may not exceed 20 percent (or 34 percent for a corporation). (3) **Tax benefit rule.—** — If any portion of a nonqualified withdrawal is properly attributable to deposits (except earnings on deposits) made by the taxpayer in a taxable year that did not reduce the taxpayer’s liability for tax under chapter 1 of such Code (26 U.S.C. ch. 1) for a taxable year before the taxable year in which the withdrawal occurs— (A) that portion shall not be taken into account under paragraph (1); and (B) an amount equal to that portion shall be allowed as a deduction under section 172 of such Code ([26 U.S.C. 172](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section172&num=0&edition=prelim)) 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 income under section 172(b)(2) of such Code ([26 U.S.C. 172(b)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section172/b/2&num=0&edition=prelim)).

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

26 U.S.C. § 6651 — Failure to file tax return or to pay tax

**(a) Addition to the tax** In case of failure— (1) to file any return required under authority of subchapter A of chapter 61 (other than part III thereof), subchapter A of chapter 51 (relating to distilled spirits, wines, and beer), or of subchapter A of chapter 52 (relating to tobacco, cigars, cigarettes, and cigarette papers and tubes), or of subchapter A of chapter 53 (relating to machine guns and certain other firearms), on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not due to willful neglect, there shall be added to the amount required to be shown as tax on such return 5 percent of the amount of such tax if the failure is for not more than 1 month, with an additional 5 percent for each additional month or fraction thereof during which such failure continues, not exceeding 25 percent in the aggregate; (2) to pay the amount shown as tax on any return specified in paragraph (1) on or before the date prescribed for payment of such tax (determined with regard to any extension of time for payment), unless it is shown that such failure is due to reasonable cause and not due to willful neglect, there shall be added to the amount shown as tax on such return 0.5 percent of the amount of such tax if the failure is for not more than 1 month, with an additional 0.5 percent for each additional month or fraction thereof during which such failure continues, not exceeding 25 percent in the aggregate; or (3) to pay any amount in respect of any tax required to be shown on a return specified in paragraph (1) which is not so shown (including an assessment made pursuant to section 6213(b)) within 21 calendar days from the date of notice and demand therefor (10 business

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26 U.S.C. § 6601 — Interest on underpayment, nonpayment, or extensions of time for payment, of tax

**(a) General rule** If any amount of tax imposed by this title (whether required to be shown on a return, or to be paid by stamp or by some other method) is not paid on or before the last date prescribed for payment, interest on such amount at the underpayment rate established under section 6621 shall be paid for the period from such last date to the date paid. **(b) Last date prescribed for payment** For purposes of this section, the last date prescribed for payment of the tax shall be determined under chapter 62 with the application of the following rules: (1) **Extensions of time disregarded** — The last date prescribed for payment shall be determined without regard to any extension of time for payment or any installment agreement entered into under section 6159. (2) **Jeopardy** — The last date prescribed for payment shall be determined without regard to any notice and demand for payment issued, by reason of jeopardy (as provided in chapter 70), prior to the last date otherwise prescribed for such payment. (3) **Accumulated earnings tax** — In the case of the tax imposed by section 531 for any taxable year, the last date prescribed for payment shall be deemed to be the due date (without regard to extensions) for the return of tax imposed by subtitle A for such taxable year. (4) **Last date for payment not otherwise prescribed** — In the case of taxes payable by stamp and in all other cases in which the last date for payment is not otherwise prescribed, the last date for payment shall be deemed to be the date the liability for tax arises (and in no event shall be later than the date notice and demand for the tax is made by the Secretary). **(c) Suspension of interest in certain income, estate, gift, and certain excise tax cases** In the case of a deficiency as

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

26 U.S.C. § 172 — Net operating loss deduction

**(a) Deduction allowed** There shall be allowed as a deduction for the taxable year an amount equal to— (1) in the case of a taxable year beginning before January 1, 2021, the aggregate of the net operating loss carryovers to such year, plus the net operating loss carrybacks to such year, and (2) in the case of a taxable year beginning after December 31, 2020, the sum of— (A) the aggregate amount of net operating losses arising in taxable years beginning before January 1, 2018, carried to such taxable year, plus (B) the lesser of— (i) the aggregate amount of net operating losses arising in taxable years beginning after December 31, 2017, carried to such taxable year, or (ii) 80 percent of the excess (if any) of— (I) taxable income computed without regard to the deductions under this section and sections 199A and 250, over (II) the amount determined under subparagraph (A). For purposes of this subtitle, the term “net operating loss deduction” means the deduction allowed by this subsection. **(b) Net operating loss carrybacks and carryovers** (1) **Years to which loss may be carried** (A) *General rule* — A net operating loss for any taxable year— (i) shall be a net operating loss carryback to the extent provided in subparagraphs (B), (C)(i), and (D), and (ii) except as provided in subparagraph (C)(ii), shall be a net operating loss carryover— (I) in the case of a net operating loss arising in a taxable year beginning before January 1, 2018, to each of the 20 taxable years following the taxable year of the loss, and (II) in the case of a net operating loss arising in a taxable year beginning after December 31, 2017, to each taxable year following the taxable year of the loss. (B) *Farming losses* (i) *I

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26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

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46 U.S.C. § 53512 — FIFO and LIFO withdrawals

**(a) FIFO.—** Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis. **(b) LIFO.—** An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is— (1) a nonqualified withdrawal for research, development, and design expenses incident to new and advanced vessel design, machinery, and equipment; or (2) an amount treated as a nonqualified withdrawal under [section 53510(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53510/d&num=0&edition=prelim).

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46 U.S.C. § 53513 — Corporate reorganizations and partnership changes

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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26 U.S.C. § 1 — Tax imposed

Page 25 TITLE 26—INTERNAL REVENUE CODE § 1 1 Section catchline amended by Pub. L. 95–30 without cor- responding amendment of analysis. 2014—Pub. L. 113–295, div. A, title II, § 221(a)(12)(A), Dec. 19, 2014, 128 Stat. 4038, struck out part VII ‘‘Envi- ronmental tax’’. 1989—Pub. L. 101–234, title I, § 102(a), Dec. 13, 1989, 103 Stat. 1980, repealed Pub. L. 100–360, § 111, and provided that the provisions of law amended by such section are restored or revived as if such section had not been en- acted, see 1988 Amendment note below. 1988—Pub. L. 100–360, title I, § 111(c), July 1, 1988, 102 Stat. 697, added part VIII ‘‘Supplemental medicare pre- mium’’. 1986—Pub. L. 99–499, title V, § 516(b)(5), Oct. 17, 1986, 100 Stat. 1771, added part VII. 1976—Pub. L. 94–455, title XIX, § 1901(b)(2), Oct. 4, 1976, 90 Stat. 1792, struck out part V ‘‘Tax surcharge’’. 1969—Pub. L. 91–172, title III, § 301(b)(1), Dec. 30, 1969, 83 Stat. 585, added part VI. 1968—Pub. L. 90–364, title I, § 102(d), June 28, 1968, 82 Stat. 259, added part V. PART I—TAX ON INDIVIDUALS Sec. 1. Tax imposed. 2. Definitions and special rules. 3. Tax tables for individuals having taxable in- come of less than $20,000.1 [4. Repealed.] 5. Cross references relating to tax on individ- uals. Editorial Notes AMENDMENTS 1976—Pub. L. 94–455, title V, § 501(c)(1), Oct. 4, 1976, 90 Stat. 1559, substituted ‘‘Tax tables for individuals hav- ing taxable income of less than $20,000’’ for ‘‘Optional tax tables for individuals’’ in item 3 and struck out item 4 relating to rules for optional tax. 1969—Pub. L. 91–172, title VIII, § 803(d)(9), Dec. 30, 1969, 83 Stat. 685, substituted ‘‘Definitions and special rules’’ and ‘‘Optional tax tables for individuals’’ for ‘‘Tax in case of joint return or return

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26 U.S.C. § 172 — Net operating loss deduction

Page 876 TITLE 26—INTERNAL REVENUE CODE § 172 Treasury or his delegate) to have such election apply with respect to such obligations.’’ Pub. L. 99–514, title XVIII, § 1803(a)(12)(B), Oct. 22, 1986, 100 Stat. 2796, provided that: ‘‘The amendment made by subparagraph (A) [amending this section] shall apply to exchanges after May 6, 1986.’’ EFFECTIVE DATE OF 1976 AMENDMENT Amendment by section 1901(b)(1)(E)(iii)–(v) of Pub. L. 94–455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as a note under section 2 of this title. Amendment by section 1951(b)(5)(A)(i) of Pub. L. 94–455 effective for taxable years beginning after Dec. 31, 1976, see section 1951(d) of Pub. L. 94–455, set out as a note under section 72 of this title. EFFECTIVE DATE OF 1958 AMENDMENT Pub. L. 85–866, title I, § 13(b), Sept. 2, 1958, 72 Stat. 1611, provided that: ‘‘The amendments made by sub- section (a) [amending this section] shall apply with re- spect to taxable years ending after December 31, 1957.’’ SAVINGS PROVISION Pub. L. 94–455, title XIX, § 1951(b)(5)(B), Oct. 4, 1976, 90 Stat. 1838, provided that: ‘‘Notwithstanding the amend- ments made by subparagraph (A) [amending this sec- tion], in the case of a bond the interest on which is not excludable from gross income— ‘‘(i) which was issued after January 22, 1951, with a call date not more than 3 years after the date of such issue, and ‘‘(ii) which was acquired by the taxpayer after Jan- uary 22, 1954, and before January 1, 1958, the bond premium for a taxable year beginning after December 31, 1975, shall not be determined under sec- tion 171(b)(1)(B)(i) but shall be determined with ref- erence to the amount payable on maturity, and if the bond is called before its matu

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

26 U.S.C. § 6601 — Interest on underpayment, nonpayment,

Page 3721 TITLE 26—INTERNAL REVENUE CODE § 6601 1 Section numbers editorially supplied. (c) Suits by persons other than taxpayers (1) General rule Except as provided by paragraph (2), no suit or proceeding under section 7426 shall be begun after the expiration of 2 years from the date of the levy or agreement giving rise to such ac- tion. (2) Period when claim is filed If a request is made for the return of prop- erty described in section 6343(b), the 2-year pe- riod prescribed in paragraph (1) shall be ex- tended for a period of 12 months from the date of filing of such request or for a period of 6 months from the date of mailing by registered or certified mail by the Secretary to the per- son making such request of a notice of dis- allowance of the part of the request to which the action relates, whichever is shorter. (Aug. 16, 1954, ch. 736, 68A Stat. 816; Pub. L. 85–866, title I, § 89(b), Sept. 2, 1958, 72 Stat. 1665; Pub. L. 89–719, title I, § 110(b), Nov. 2, 1966, 80 Stat. 1144; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 96–589, § 6(d)(4), Dec. 24, 1980, 94 Stat. 3408; Pub. L. 115–97, title I, § 11071(b), Dec. 22, 2017, 131 Stat. 2091.) Editorial Notes AMENDMENTS 2017—Subsec. (c)(1). Pub. L. 115–97, § 11071(b)(1), sub- stituted ‘‘2 years’’ for ‘‘9 months’’. Subsec. (c)(2). Pub. L. 115–97, § 11071(b)(2), substituted ‘‘2-year’’ for ‘‘9-month’’. 1980—Subsec. (a)(5). Pub. L. 96–589 added par. (5). 1976—Pub. L. 94–455 struck out ‘‘or his delegate’’ after ‘‘Secretary’’ wherever appearing. 1966—Subsec. (c). Pub. L. 89–719 added subsec. (c). 1958—Subsec. (a)(1), (4). Pub. L. 85–866 inserted ‘‘cer- tified mail or’’ before ‘‘registered mail’’ wherever ap- pearing. Statutory Notes and Related Subsidiar

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26 U.S.C. § 6651 — Failure to file tax return or to pay tax

Page 3737 TITLE 26—INTERNAL REVENUE CODE § 6651 dition to tax in case of overstatements of pension li- abilities’’, 6660 ‘‘Addition to tax in the case of valu- ation understatement for purposes of estate or gift taxes’’, and 6661 ‘‘Substantial understatement of liabil- ity’’. 1986—Pub. L. 99–514, title XI, § 1138(b), title XV, § 1503(d)(2), Oct. 22, 1986, 100 Stat. 2486, 2743, substituted ‘‘Additions to tax for negligence and fraud’’ for ‘‘Fail- ure to pay tax’’ in item 6653 and added item 6659A. 1984—Pub. L. 98–369, div. A, title I, § 155(c)(2)(B), July 18, 1984, 98 Stat. 695, added item 6660. 1982—Pub. L. 97–248, title III, § 323(b), Sept. 3, 1982, 96 Stat. 615, added item 6661 and redesignated former item 6660 as 6662. See Codification note set out under section 6662 of this title. 1981—Pub. L. 97–34, title VII, §§ 722(a)(2), 724(b)(2), Aug. 13, 1981, 95 Stat. 342, 345, inserted ‘‘or overstate- ment of deposits’’ in item 6656, added item 6659, and re- designated item 6659 as 6660. 1980—Pub. L. 96–589, § 6(e)(2), Dec. 24, 1980, 94 Stat. 3408, added item 6658. 1979—Pub. L. 96–167, § 6(b), Dec. 29, 1979, 93 Stat. 1276, struck out item 6658 ‘‘Addition to tax in case of jeop- ardy’’. 1974—Pub. L. 93–406, title II, § 1031(b)(1)(B)(ii), Sept. 2, 1974, 88 Stat. 946, inserted ‘‘, registration statements, etc.’’ in item 6652. 1969—Pub. L. 91–172, title IX, § 943(c)(5), 83 Stat. 729, inserted ‘‘or pay tax’’ in item 6651. § 6651. Failure to file tax return or to pay tax (a) Addition to the tax In case of failure— (1) to file any return required under author- ity of subchapter A of chapter 61 (other than part III thereof), subchapter A of chapter 51 (relating to distilled spirits, wines, and beer), or of subchapter A of chapter 52 (relating to tobacco,

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