§ 53309. Accumulation of deposits
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/usc/title-46/section-53309A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 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)).
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1589.)
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meaning of section 102 of the Internal Revenue Code” because section 102 of the Internal Revenue Code of 1939 has been superseded by part 1 of subchapter G of chapter 1 of the Internal Revenue Code of 1986 (26 U.S.C. 531 et seq.). See also 46 C.F.R. § 287.16 (2003).
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- Pub. L. 109–304, § 8(c)
- 120 Stat. 1589
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§ 53309
Accumulation of deposits
Pub. L.Pub. L. 109–304, § 8(c)
Stat.120 Stat. 1589
Cites 5Cited by 0 across 0 sources