Federal · Title 46 — Shipping
46 U.S.C. § 53504: Deposits and withdrawals
Read the full statutory text
An agreement to establish a capital construction fund shall provide for the deposit in the fund of the amounts agreed to be appropriate to provide for qualified withdrawals under section 53509 of this title . Deposits in and withdrawals from the fund are subject to the requirements included in the agreement or prescribed by the Secretary by regulation. However, the Secretary may not require a person to deposit in the fund for a taxable year more than 50 percent of that portion of the person’s taxable income for that year (as determined under section 53505(a)(1) of this title ) that is attributable to the operation of an agreement vessel.
Verify at the official source: Federal legislative text
Facing this? Know exactly what happens next.
MOFRD turns this code section into your situation: the deadlines that apply to you, the forms your county uses, and the resolution paths people in your position actually take. Free for 3 days — no card required.
This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.