46 U.S.C. § 53508: Separate accounts within a fund

The capital account. The capital gain account. The ordinary income account. amounts referred to in section 53505(a)(2) of this title ; amounts referred to in section 53505(a)(3) of this title , except that portion representing a gain not taken into account because of section 53507(a)(2) of this title ; the percentage applicable under section 243(a)(1) of the Internal Revenue Code of 1986 ( 26 U.S.C. 243(a)(1) ) of any dividend received by the fund for which the person maintaining the fund would be allowed (were it not for section 53507(a)(3) of this title ) a deduction under section 243 of such Code ( 26 U.S.C. 243 ); and interest income exempt from taxation under section 103 of such Code ( 26 U.S.C. 103 ). amounts representing capital gains on assets held for more than 6 months and referred to in section 53505(a)(3) or (4) of this title; minus amounts representing capital losses on assets held in the fund for more than 6 months. amounts referred to in section 53505(a)(1) of this title ; amounts representing capital gains on assets held for not more than 6 months and referred to in section 53505(a)(3) or (4) of this title; minus amounts representing capital losses on assets held in the fund for not more than 6 months; interest (except tax-exempt interest referred to in subsection (b)(4)) and other ordinary income (except any dividend referred to in paragraph (5)) received on assets held in the fund; ordinary income from a transaction described in section 53505(a)(3) of this title ; and that portion of any dividend referred to in subsection (b)(3) not taken into account under subsection (b)(3). Except on termination of a fund, capital losses referred to in subsection (c) or (d)(2) shall be allowed only as an offset to gains referred to in subsection (c) or (d)(2), respectively.