Page:United States Statutes at Large Volume 120.djvu/1622

 PUBLIC LAW 109–304—OCT. 6, 2006

120 STAT. 1591

instead of as an adjustment for the declared value excess profits tax, may be assessed or a civil action may be brought to collect the deficiency without assessment, at any time. Interest on a deficiency or amount to be treated as a deficiency does not begin until the date the deposited gain or part of the deposited gain in question is required to be included in gross income under section 51111. ‘‘CHAPTER 535—CAPITAL CONSTRUCTION FUNDS ‘‘Sec. ‘‘53501. ‘‘53502. ‘‘53503. ‘‘53504. ‘‘53505. ‘‘53506. ‘‘53507. ‘‘53508. ‘‘53509. ‘‘53510. ‘‘53511. ‘‘53512. ‘‘53513. ‘‘53514. ‘‘53515. ‘‘53516. ‘‘53517.

Definitions. Regulations. Establishing a capital construction fund. Deposits and withdrawals. Ceiling on deposits. Investment and fiduciary requirements. Nontaxation of deposits. Separate accounts within a fund. Qualified withdrawals. Tax treatment of qualified withdrawals and basis of property. Tax treatment of nonqualified withdrawals. FIFO and LIFO withdrawals. Corporate reorganizations and partnership changes. Relationship of old fund to new fund. Records and reports. Termination of agreement after change in regulations. Reports.

‘‘§ 53501. Definitions ‘‘In this chapter: ‘‘(1) AGREEMENT VESSEL.—The term ‘agreement vessel’ means— ‘‘(A) an eligible vessel or a qualified vessel that is subject to an agreement under this chapter; and ‘‘(B) a barge or container that is part of the complement of a vessel described in subparagraph (A) if provided for in the agreement. ‘‘(2) ELIGIBLE VESSEL.—The term ‘eligible vessel’ means— ‘‘(A) a vessel— ‘‘(i) constructed in the United States (and, if reconstructed, reconstructed in the United States), constructed outside the United States but documented under the laws of the United States on April 15, 1970, or constructed outside the United States for use in the United States foreign trade pursuant to a contract made before April 15, 1970; ‘‘(ii) documented under the laws of the United States; and ‘‘(iii) operated in the foreign or domestic trade of the United States or in the fisheries of the United States; and ‘‘(B) a commercial fishing vessel— ‘‘(i) constructed in the United States and, if reconstructed, reconstructed in the United States; ‘‘(ii) of at least 2 net tons but less than 5 net tons; ‘‘(iii) owned by a citizen of the United States; ‘‘(iv) having its home port in the United States; and ‘‘(v) operated in the commercial fisheries of the United States.

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