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46 U.S.C. § 53309 — Accumulation of deposits

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

46 U.S.C. § 53309 — Accumulation of deposits

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Stable record: federal_law:legal_authorities:usc2024-681bfe36a2ecd8325d04af0f
Source file: Laws/federal/codes/united-states-code-2024/title-46/section-53309-accumulation-of-deposits--17fdf8f176.md
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Source location: USCODE-2024-title46-subtitleV-partC-chap533-sec53309.pdf

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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amount consisting of the gain shall be deemed to be deposited first; (2) amounts expended, obligated, or other- wise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and (3) if a deposit consists in part of a gain not recognized under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 ‘‘are deemed to have been retained for the reasonable needs of the business within the meaning of section 537(a) of the Internal Revenue Code of 1986 (26 U.S.C. 537(a))’’ are substituted for ‘‘shall not constitute an accumulation of earnings or profits within the meaning of section 102 of the Internal Revenue Code’’ because section 102 of the Internal Revenue Code of 1939 has been superseded by part 1 of subchapter G of chap- ter 1 of the Internal Revenue Code of 1986 (26 U.S.C. 531 et seq.). See also 46 C.F.R. § 287.16 (2003). § 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 construc- tion 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 re- construction 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 irrev- ocably committed for payment; and (D) the plans and specifications for the ves- sel are approved by the Secretary to the ex- tent the Secretary considers necessary; or (2) the deposit is expended or obligated for expenditure for the liquidation of existing or subsequently incurred purchase-money indebt- edness 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 con- tract or not bought from the Secretary of Trans- portation— (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 sub- section (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 there- after. (c) EXTENSIONS.—The Secretary of Transpor- tation may grant extensions of the period within which the deposits must be expended or obli- gated or within which the construction must have progressed to the extent of 5 percent com- pletion under this section. However, the exten- sions may not be for a total of more than 2 years for the expenditure or obligation of deposits or one year for the progress of construction. (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) 53310(a) ...... 46 App.:1161(g) (less (1)(B)). June 29, 1936, ch. 858, title V, § 511(g), (h), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107; June 17, 1943, ch. 130, subdivs. (c), (d), 57 Stat. 158; July 17, 1952, ch. 939, §§ 12, 13(a), 66 Stat. 763; Pub. L. 86–237, § 1, Sept. 8, 1959, 73 Stat. 471; Pub. L. 87–303, § 3, Sept. 26, 1961, 75 Stat. 661; Pub. L. 87–782, § 1, Oct. 10, 1962, 76 Stat. 796; Pub. L. 88–227, § 1, Dec. 23, 1963, 77 Stat. 470; Pub. L. 88–595, § 1, Sept. 12, 1964, 78 Stat. 943; Pub. L. 97–31, § 12(92), Aug. 6, 1981, 95 Stat. 161. 53310(b) ...... 46 App.:1161(g)(1)(B). 53310(c) ...... 46 App.:1161(h). In this section, the language about joint regulations in 46 App. U.S.C. 1161(g) and (h) is omitted as unneces- sary because of section 53302(b) of the revised title. In subsection (a), the words ‘‘(i) two years from the date of deposit or the date of any extension thereof which may be granted by the Secretary of Transpor- tation pursuant to the provisions of subsection (h) of this section, in the case of deposits made prior to the date on which these amendatory provisions become ef- fective, or’’ in 46 App. U.S.C. 1161(g)(1) and (2) are omit-

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

26 U.S.C. § 531 — Imposition of accumulated earnings tax

In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the accumulated taxable income (as defined in section 535) of each corporation described in section 532, an accumulated earnings tax equal to 20 percent of the accumulated taxable income.

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

26 U.S.C. § 531 — Imposition of accumulated earnings tax

Page 1748 TITLE 26—INTERNAL REVENUE CODE § 531 Americans from Tax Hikes Act of 2015, div. Q of Pub. L. 114–113, to which such amendment relates, see section 101(s) of Pub. L. 115–141, set out as a note under section 24 of this title. EFFECTIVE DATE OF 2008 AMENDMENT Amendment by Pub. L. 110–245 applicable with re- spect to deaths from injuries occurring on or after June 17, 2008, with provision for application of amendment to deaths from injuries occurring on or after Oct. 7, 2001, and before June 17, 2008, see section 109(d)(1), (2) of Pub. L. 110–245, set out as a note under section 408A of this title. EFFECTIVE DATE OF 2004 AMENDMENT Amendment by section 404(a) of Pub. L. 108–311 effec- tive as if included in the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107–16, to which such amendment relates, see section 404(f) of Pub. L. 108–311, set out as a note under section 45A of this title. Amendment by section 406(b) of Pub. L. 108–311 effec- tive as if included in the provisions of the Taxpayer Re- lief Act of 1997, Pub. L. 105–34, to which such amend- ment relates, see section 406(h) of Pub. L. 108–311, set out as a note under section 55 of this title. EFFECTIVE DATE OF 2003 AMENDMENT Pub. L. 108–121, title I, § 107(b), Nov. 11, 2003, 117 Stat. 1339, provided that: ‘‘The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2002.’’ EFFECTIVE DATE OF 2002 AMENDMENT Amendment by Pub. L. 107–147 effective as if included in the provisions of the Economic Growth and Tax Re- lief Reconciliation Act of 2001, Pub. L. 107–16, to which such amendment relates, see section 411(x) of Pub. L. 107–147, set out as a note under section 25B of this title. EFFEC

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 531

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

26 U.S.C. § 537 — Reasonable needs of the business

**(a) General rule** For purposes of this part, the term “reasonable needs of the business” includes— (1) the reasonably anticipated needs of the business, (2) the section 303 redemption needs of the business, and (3) the excess business holdings redemption needs of the business. **(b) Special rules** For purposes of subsection (a)— (1) **Section 303 redemption needs** — The term “section 303 redemption needs” means, with respect to the taxable year of the corporation in which a shareholder of the corporation died or any taxable year thereafter, the amount needed (or reasonably anticipated to be needed) to make a redemption of stock included in the gross estate of the decedent (but not in excess of the maximum amount of stock to which section 303(a) may apply). (2) **Excess business holdings redemption needs** — The term “excess business holdings redemption needs” means the amount needed (or reasonably anticipated to be needed) to redeem from a private foundation stock which— (A) such foundation held on May 26, 1969 (or which was received by such foundation pursuant to a will or irrevocable trust to which section 4943(c)(5) applies), and (B) constituted excess business holdings on May 26, 1969, or would have constituted excess business holdings as of such date if there were taken into account (i) stock received pursuant to a will or trust described in subparagraph (A), and (ii) the reduction in the total outstanding stock of the corporation which would have resulted solely from the redemption of stock held by the private foundation. (3) **Obligations incurred to make redemptions** — In applying paragraphs (1) and (2), the discharge of any obligation incurred to make a redemption described in such paragraphs shall be treated as the making of such redemption.

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

26 U.S.C. § 537 — Reasonable needs of the business

Page 1754 TITLE 26—INTERNAL REVENUE CODE § 536 amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. L. 99–514, as amended, set out as a note under section 401 of this title. § 536. Income not placed on annual basis Section 443(b) (relating to computation of tax on change of annual accounting period) shall not apply in the computation of the accumulated earnings tax imposed by section 531. (Aug. 16, 1954, ch. 736, 68A Stat. 182.) § 537. Reasonable needs of the business (a) General rule For purposes of this part, the term ‘‘reason- able needs of the business’’ includes— (1) the reasonably anticipated needs of the business, (2) the section 303 redemption needs of the business, and (3) the excess business holdings redemption needs of the business. (b) Special rules For purposes of subsection (a)— (1) Section 303 redemption needs The term ‘‘section 303 redemption needs’’ means, with respect to the taxable year of the corporation in which a shareholder of the cor- poration died or any taxable year thereafter, the amount needed (or reasonably anticipated to be needed) to make a redemption of stock included in the gross estate of the decedent (but not in excess of the maximum amount of stock to which section 303(a) may apply). (2) Excess business holdings redemption needs The term ‘‘excess business holdings redemp- tion needs’’ means the amount needed (or rea- sonably anticipated to be needed) to redeem from a private foundation stock which— (A) such foundation held on May 26, 1969 (or which was received by such foundation pursuant to a will or irrevocable trust to which section 4943(c)(5) applies), and (B) constituted excess business holdings on May 26, 1969, or wou

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 537

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

46 U.S.C. § 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 [section 53310 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53310&num=0&edition=prelim) 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 Revenue Code of 1986 ([26 U.S.C. 537(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section537/a&num=0&edition=prelim)).

Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 53309

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