Source: https://www.law.cornell.edu/uscode/text/46/53507
Timestamp: 2017-06-24 19:09:18
Document Index: 688115545

Matched Legal Cases: ['§ 53507', '§\u202f53507', '§\u202f607', '§\u202f23', '§\u202f10', '§\u202f17', '§\u202f1', '§\u202f6', '§\u202f21', '§\u202f261']

46 U.S. Code § 53507 - Nontaxation of deposits | US Law | LII / Legal Information Institute
§ 53507.
Nontaxation of deposits
(a)Tax Treatment.—Subject to subsection (b), under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.)—
taxable income (determined without regard to this chapter and section 7518 of such Code (26 U.S.C. 7518)) for the taxable year shall be reduced by the amount deposited for the taxable year out of amounts referred to in section 53505(a)(1) of this title;
a gain from a transaction referred to in section 53505(a)(3) of this title shall not be taken into account if an amount equal to the net proceeds (as defined in joint regulations) from the transaction is deposited in the fund;
(b)Condition.—
This section applies to an amount only if the amount is deposited in the fund under the agreement within the time provided in joint regulations.
June 29, 1936, ch. 858, title VI, § 607(d), 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. 1028; Pub. L. 99–514, title II, § 261(e)(1), (2), Oct. 22, 1986, 100 Stat. 2215.