46 CFR 287.15 – Time for making deposits
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(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.
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.)