Browse Arkansas Code titles and sections

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

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

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

Source: Supplied 2024 U.S. Code historical extraction · 46 U.S.C. § 53512

Stored review status: historical_2024_not_currentness_verified. A text match is a research starting point; applicability is not established.

Original supplied file — preserved unchanged

Download original Markdown file

File SHA-256: 5defd2a1514e475280a92135ae0b53517bbad48f16cdb94f85a0fc3af36340f6. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.

Authority boundary: historical or unconfirmed source not current law verified.

Open the recorded source website ↗

Record provenance

Stable record: federal_law:legal_authorities:usc2024-0f8bc5b04f6ed954d8a65661
Source file: Laws/federal/codes/united-states-code-2024/title-46/section-53512-fifo-and-lifo-withdrawals--f5ec05adc9.md
Pages: Not recorded – Not recorded
Passage SHA-256: 62983dfc01c9342ad2f8ada009778ec35e858dbeeec571156b28cfc12ef2b430

Source location: USCODE-2024-title46-subtitleV-partC-chap535-sec53512.pdf

Stored source content

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’’ are omitted as obsolete. In subsection (d), the words ‘‘made in a taxable year beginning in 1970 or 1971 is 8 percent’’ are omitted as obsolete. Editorial Notes REFERENCES IN TEXT Section 1201 of such Code, referred to in subsec. (f)(2), means section 1201 of the Internal Revenue Code of 1986, act Aug. 16, 1954, ch. 736, 68A Stat. 320, which was re- pealed by Pub. L. 115–97, title I, § 13001(b)(2)(A), Dec. 22, 2017, 131 Stat. 2096, applicable to taxable years begin- ning after Dec. 31, 2017. AMENDMENTS 2013—Subsec. (f)(2). Pub. L. 112–240 substituted ‘‘20 percent’’ for ‘‘15 percent’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2013 AMENDMENT Amendment by Pub. L. 112–240 applicable to taxable years beginning after Dec. 31, 2012, see section 102(d)(1) of Pub. L. 112–240, set out as a note under section 1 of Title 26, Internal Revenue Code. APPLICATION OF SUNSET PROVISION TO SUBSECTION (f)(2) Pub. L. 110–181, div. C, title XXXV, § 3528, Jan. 28, 2008, 122 Stat. 603, provided that: ‘‘For purposes of section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (Public Law 108–27, [former] 26 U.S.C. 1 note), the amendment made by section 301(a)(2)(E) of that Act [which amended section 1177(h)(6)(A) of the former Ap- pendix to this title from which subsec. (f)(2) of this sec- tion was derived by substituting ‘‘15 percent’’ for ‘‘20 percent’’] shall be deemed to have been made to section 53511(f)(2) of title 46, United States Code.’’ [Section 303 of Pub. L. 108–27 was repealed by Pub. L. 112–240, title I, § 102(a), Jan. 2, 2013, 126 Stat. 2318.] § 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 ac- count 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. (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 53512 .......... 46 App.:1177(h)(2) (last sentence). June 29, 1936, ch. 858, title VI, § 607(h)(2) (last sen- tence), 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. § 53513. Corporate reorganizations and partner- ship changes Under joint regulations— (1) a transfer of a capital construction fund from one person to another person in a trans- action to which section 381 of the Internal Revenue Code of 1986 (26 U.S.C. 381) applies may be treated as if the transaction is not a nonqualified withdrawal; and (2) a similar rule shall be applied to a con- tinuation of a partnership (within the mean- ing of subchapter K of chapter 1 of such Code (26 U.S.C. 701 et seq.)). (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.)

Cross-references

Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.

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

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

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.

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

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

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.

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

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 172

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 172. This identifies an authority to review, not proof of applicability.

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

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

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 172

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 172. This identifies an authority to review, not proof of applicability.

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

26 U.S.C. § 381 — Carryovers in certain corporate acquisitions

**(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

Stored review status: release_metadata_unconfirmed. 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

26 U.S.C. § 381 — Carryovers in certain corporate acquisi-

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

26 U.S.C. § 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 individual capacities.

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 701

Stored review status: release_metadata_unconfirmed. 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

26 U.S.C. § 701 — Partners, not partnership, subject to tax

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

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).

Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 53512

Stored review status: release_metadata_unconfirmed. Same stored citation; legal effect and authority still require review.