(a) Proceeds of sale or indemnification. Deposits of amounts representing proceeds of the sale or indemnification for loss of a vessel or share therein must be made within 60 days after receipt by the taxpayer.

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Terms Used In 46 CFR 287.15

  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC

(b) Earnings and receipts. Earnings and receipts for the taxable year may be deposited at any time. (See § 287.14.)