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not expended or ob- ligated within the appropriate period under section 53310 of this title; (2) the deposited gain is withdrawn before the end of that period; (3) the construction related to that depos- ited gain has not progressed to the extent of 5 percent of completion within the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, title V, § 511(i), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107; July 17, 1952, ch. 939, § 13(b), 66 Stat. 764; Pub. L. 97–31, § 12(92)(A), Aug. 6, 1981, 95 Stat. 161. The last sentence of 46 App. U.S.C. 1161(i) is omitted as obsolete. § 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, and the amount to be treated as a deficiency under sec- tion 53311 instead of as an adjustment for the de- clared value excess profits tax, may be assessed or a civil action may be brought to collect the deficiency without assessment, at any time. In- terest on a deficiency or amount to be treated as a deficiency does not begin until the date the de- posited gain or part of the deposited gain in question is required to be included in gross in- come under section 51111. (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) 53312 .......... 46 App.:1161(j). June 29, 1936, ch. 858, title V, § 511(j), as added Oct. 10, 1940, ch. 849, 54 Stat. 1108. CHAPTER 534—TANKER SECURITY FLEET Sec.1 53401. Definitions. 53402. Establishment of the Tanker Security Fleet. 53403. Award of operating agreements. 53404. Effectiveness of operating agreements. 53405. Obligations and rights under operating agree- ments. 53406. Payments. 53407. National security requirements. 53408. Regulatory relief. 53409. Special rule regarding age of participating Fleet vessels. 53410. Regulations. 53411. Authorization of appropriations. 53412. Acquisition of Fleet vessels. § 53401. Definitions In this chapter: (1) FOREIGN COMMERCE.—The term ‘‘foreign commerce’’ means— (A) commerce or trade between the United States, its territories or possessions, or the District of Columbia, and a foreign country; and (B) commerce or trade between foreign countries. (2) PARTICIPATING FLEET VESSEL.—The term ‘‘participating Fleet vessel’’ means any prod- uct tank vessel covered by an operating agree- ment under this chapter on or after January 1, 2022, that— (A) meets the requirements of one of para- graphs (1) through (4) of section 53402(b) of this title; and (B) is no more than 20 years of age. (3) PERSON.—The term ‘‘person’’ includes corporations, partnerships, and associations existing under, or authorized by, laws of the United States, or any State, territory, dis- trict, or possession thereof, or any foreign country. (4) PRODUCT TANK VESSEL.—The term ‘‘prod- uct tank vessel’’ means a double-hulled tank vessel capable of carrying simultaneously more than 2 separated grades of refined petro- leum products. (5) PROGRAM PARTICIPANT.—The term ‘‘pro- gram participant’’ means an owner or operator of a vessel that enters into an operating agree- ment covering a participating fleet vessel with the Secretary under section 53403. (6) SECRETARY.—The term ‘‘Secretary’’ means the Secretary of Transportation, unless the context indicates otherwise. (7) UNITED STATES CITIZEN TRUST.—The term ‘‘United States citizen trust’’— (A) means a trust for which— (i) each of the trustees is a citizen of the United States; and (ii) the application for documentation of the vessel under chapter 121 of this title