§ 53311. Taxation of deposits on failure of conditions

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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 obligated 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(2)the deposited gain is withdrawn before the end of that period;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 deposited 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 taxpayer, the entire construction related to that deposited gain is not completed with reasonable dispatch.

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1590.)

The last sentence of 46 App. U.S.C. 1161(i) is omitted as obsolete.

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U.S. Code

§ 53312
Assessment and collection of deficiency tax

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U.S. Code

Obligation of deposits and period for construction of certain vessels
§ 53310

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Pub. L. 109–304, § 8(c)
120 Stat. 1590

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§ 53311

Taxation of deposits on failure of conditions

U.S.C.×1

U.S.C.§ 53310

Pub. L.Pub. L. 109–304, § 8(c)

Stat.120 Stat. 1590

Cites 3Cited by 1 across 1 source