Fabio
76b8ec33a7
Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
52 lines
2.9 KiB
Markdown
52 lines
2.9 KiB
Markdown
---
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type: "LegalText"
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title: "46 U.S.C. § 53507"
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description: "Nontaxation of deposits"
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jurisdiction: "us"
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corpus: "united_states_code"
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kind: "code_section"
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title_number: 46
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title_name: "SHIPPING"
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chapter_number: "535"
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chapter_name: "CAPITAL CONSTRUCTION FUNDS"
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section: "53507"
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citation: "46 U.S.C. § 53507"
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status: "current"
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release_point: "119-100"
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release_date: "2026-06-26"
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source: "official"
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source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc46@119-100.zip"
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source_identifier: "/us/usc/t46/s53507"
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source_file: "data/legal/raw/us/code/title-46/usc46.xml"
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source_hash: "028ed75578a3fb29490467fdd296d6e32fa56ec991c13de50117ce49b2da1908"
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raw_snapshot_hash: "eb1331aa3c08ed87231a3606d86b30d1b5942cdf8542f6a3df8ac1d66e86057f"
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text_hash: "fa9e2074203ec1314b189813eba7f09636219e69c5522b96052d1e39e04360f2"
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retrieved_at: "2026-07-04"
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confidence: "official"
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tags: ["legal", "us-code"]
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---
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# 46 U.S.C. § 53507 - Nontaxation of deposits
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## Text
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(a) Tax Treatment.— Subject to subsection (b), under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.)—
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(1) 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;
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(2) 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;
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(3) the earnings (including gains and losses) from the investment and reinvestment of amounts held in the fund shall not be taken into account;
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(4) the earnings and profits of a corporation (within the meaning of section 316 of such Code (26 U.S.C. 316)) shall be determined without regard to this chapter and section 7518 of such Code (26 U.S.C. 7518); and
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(5) in applying the tax imposed by section 531 of such Code (26 U.S.C. 531), amounts held in the fund shall not be taken into account.
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(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.
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(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1594.)
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## Notes
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Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 5350746 App.:1177(d).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.
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