46 U.S.C. § 53508 Separate Accounts Within a Fund

• Library: United States Statutes
• Edition: 2023 Edition
• Currency: Current through P.L. 118-19 (published on www.congress.gov on 10/06/2023)

(a) IN GENERAL.-A capital construction fund shall have three accounts:

(1) The capital account.

(2) The capital gain account.

(3) The ordinary income account.

(b) CAPITAL ACCOUNT.-The capital account shall consist of-

(1) amounts referred to in section 53505(a)(2) of this title;

(2) 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;

(3) 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

(4) interest income exempt from taxation under section 103 of such Code ( 26 U.S.C. 103 ).

(c) CAPITAL GAIN ACCOUNT.-The capital gain account shall consist of-

(1) 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

(2) amounts representing capital losses on assets held in the fund for more than 6 months.

(d) ORDINARY INCOME ACCOUNT.-The ordinary income account shall consist of-

(1) amounts referred to in section 53505(a)(1) of this title;

(2)

(A) 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

(B) amounts representing capital losses on assets held in the fund for not more than 6 months;