Source: http://cclme.org/viewcontents/?f=1-46CFR287.txt
Timestamp: 2019-05-23 21:36:04
Document Index: 356786237

Matched Legal Cases: ['ART 287', '§ 287', '§ 287', '§ 287', '§ 287', '§ 287', '§ 287', '§ 287', '§ 287', '§ 287', '§ 287', '§ 287', '§ 287', '§ 287', '§ 287', '§ 287']

CCLME.ORG - 46 CFR PART 287—ESTABLISHMENT OF CONSTRUCTION RESERVE FUNDS
1-46CFR287.txt - CFR - 4/18/2006 0:00:00 - Regulation - US
§ 287.2 Scope of section 511 of the Act and the regulations in this part.
(b) Nonrecognition and accumulation. Section 511 of the Act provides, under conditions specified, for the nonrecognition, for income and excess-profits tax purposes, of the gain realized from the sale or indemnification for loss of certain vessels including certain vessels in the course of construction, or shares therein. It also permits the accumulation of the proceeds of such sales or indemnification and of certain earnings without liability under part I (section 531 and following), subchapter G, chapter 1 of the Internal Revenue Code of 1954, and the regulations thereunder (26 CFR 1.531 through 1.537–1 (Income Tax Regulations)).
§ 287.3 Requirements as to vessel operations.
§ 287.4 Application to establish fund.
21. A description of the deposit or deposits which the applicant proposes to make in the construction reserve fund, including the amounts to be deposited in cash, notes, mortgages or other evidences of indebtedness, irrevocable commitments, or securities, giving reference to the source as described in items C–12, C–13, or C–14.
(Name, typed) ____________________
(Title) ____________________________________ ____________________
(Approved by the Office of Management and Budget under control number 2133–0032)
§ 287.5 Tentative authorization to establish fund.
§ 287.6 Establishment of fund.
§ 287.7 Circumstances permitting reimbursement from a construction reserve fund.
§ 287.8 Investment of funds in securities.
§ 287.9 Valuation of securities in fund.
§ 287.10 Withdrawals from fund.
§ 287.11 Time deposits.
§ 287.12 Election as to nonrecognition of gain.
Name and other identification of vessel____________________
Nature and extent of the taxpayer's interest in the vessel____________________
Nature of disposition, i.e., sale or loss____________________
Date of disposition____________________
Full sale price or full amount of indemnity received by taxpayer____________________
Amount and date of each payment of sale price or indemnity received by taxpayer____________________
Amount and date of each previous deposit of such payments in construction reserve fund____________________
Identification of each check or other instrument by which payment made to taxpayer____________________
Tax basis of taxpayer's interest in vessel____________________
Any other data affecting the determination of the realized gain____________________
Amount of gain (submit computation)____________________
(Name of taxpayer) By____________________
(Date of execution)____________________
§ 287.14 Deposit of earnings and receipts.
§ 287.15 Time for making deposits.
§ 287.17 Basis of new vessel.
§ 287.18 Allocation of gain for tax purposes.
(b) Date of obligation. The date funds are obligated under a contract for the construction, reconstruction, reconditioning, or acquisition of new vessels, or for the liquidation of purchase-money indebtedness on such vessels, rather than the date of payment from the fund, will determine the order of application against the deposits in the fund. When a contract for the construction, reconstruction, reconditioning, or acquisition of new vessels, or for the liquidation of purchase-money indebtedness on such vessels is entered into, amounts on deposit in the construction reserve fund will be deemed to be obligated to the extent of the amount of the taxpayer's liability under the contract. Deposits will be deemed to be so obligated in the order of deposit, each new contract obligating the earliest deposit not previously expended, obligated, or withdrawn. If the liability under the contract exceeds the amount in the construction reserve fund, the contract will be deemed to obligate, to the extent of that part of such excess not otherwise satisfied, the earliest deposit or deposits thereafter made. (continued)