§ 53308. Order and proportions of deposits and withdrawals
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/usc/title-46/section-53308A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this chapter—
(1)if the net proceeds of a sale or the net indemnity 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(2)amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and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 applied 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.)
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- Pub. L. 109–304, § 8(c)
- 120 Stat. 1589
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§ 53308
Order and proportions of deposits and withdrawals
Pub. L.Pub. L. 109–304, § 8(c)
Stat.120 Stat. 1589
Cites 3Cited by 0 across 0 sources