§ 53504. Deposits and withdrawals
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/usc/title-46/section-53504A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Required Deposits.— An agreement to establish a capital construction fund shall provide for the deposit in the fund of the amounts agreed to be appropriate to provide for qualified withdrawals under section 53509 of this title.
(b)Applicable Requirements.— Deposits in and withdrawals from the fund are subject to the requirements included in the agreement or prescribed by the Secretary by regulation. However, the Secretary may not require a person to deposit in the fund for a taxable year more than 50 percent of that portion of the person’s taxable income for that year (as determined under section 53505(a)(1) of this title) that is attributable to the operation of an agreement vessel.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1593.)
In subsection (a), the words “agreed to be appropriate” are substituted for “agreed upon as necessary or appropriate” to eliminate unnecessary words.
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- Pub. L. 109–304, § 8(c)
- 120 Stat. 1593
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§ 53504
Deposits and withdrawals
Pub. L.Pub. L. 109–304, § 8(c)
Stat.120 Stat. 1593
Cites 4Cited by 0 across 0 sources