Us Code § 53505 - Ceiling on deposits
Full text of Us Code United States Code § 53505 — Ceiling on deposits, with citation guidance and answers to common questions.
§ 53505. Ceiling on deposits
(a)
(1) that portion of the taxable income of the owner or lessee for the taxable year (computed under chapter 1 of the Internal Revenue Code of 1986 (26 U.S.C. ch. 1) but without regard to the carryback of net operating loss or net capital loss or this chapter) that is attributable to the operation of agreement vessels in the foreign or domestic trade of the United States or in the fisheries of the United States;
(2) the amount allowable as a deduction under section 167 of such Code (26 U.S.C. 167) for the taxable year for agreement vessels;
(3) if the transaction is not taken into account for purposes of paragraph (1), the net proceeds (as defined in joint regulations) from the disposition of an agreement vessel or from insurance or indemnity attributable to an agreement vessel; and
(4) the receipts from the investment or reinvestment of amounts held in the fund.
(b)
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1593.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 53505 | 46 App.:1177(b)(1), (2). | June 29, 1936, ch. 858, title VI, §607(b)(1), (2), 49 Stat. 2005; June 23, 1938, ch. 600, §§23–28, 52 Stat. 960; Aug. 4, 1939, ch. 417, §10, 53 Stat. 1185; July 17, 1952, ch. 939, §§17–19, 66 Stat. 764; Pub. L. 85–637, Aug. 14, 1958, 72 Stat. 216; Pub. L. 86–518, §1, June 12, 1960, 74 Stat. 216; Pub. L. 87–45, §6, May 27, 1961, 75 Stat. 91; Pub. L. 87–271, Sept. 21, 1961, 75 Stat. 570; restated Pub. L. 91–469, §21(a), Oct. 21, 1970, 84 Stat. 1027. |
In subsection (a)(1), the word "trade" is substituted for "commerce" for consistency in the chapter.
About This Section
46 U.S.C. § 53505 is part of Title 46 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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