[Code of Federal Regulations]

[Title 33, Volume 1]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 33CFR17.05-5]



[Page 66]

 

                TITLE 33--NAVIGATION AND NAVIGABLE WATERS

 

         CHAPTER I--COAST GUARD, DEPARTMENT OF HOMELAND SECURITY

 

PART 17_UNITED STATES COAST GUARD GENERAL GIFT FUND--Table of Contents

 

                      Subpart 17.05_Administration

 

Sec. 17.05-5  Acceptance and disbursement of gifts.



    (a) The immediate receiving person shall give a proper receipt on 

the proper form used by the United States Coast Guard to acknowledge 

receipt of collections to the donor of a gift or bequest of money or for 

the proceeds from a sale of property received as a gift or devise.

    (b) Gifts or bequests of money, or the proceeds from sales of 

property received as gifts or devises shall be deposited in the Treasury 

of the United States under symbol and title ``20X8533--United States 

Coast Guard, General Gift Fund.'' Funds so deposited shall be subject to 

disbursement by or at the direction of the Commandant, United States 

Coast Guard, for the benefit or use of the designated school, hospital, 

library, museum, chapel, or other institution or organization under the 

jurisdiction of the United States Coast Guard subject to the terms of 

the particular gift, devise, or bequest.

    (c) 10 U.S.C. 2601(c) states that any gift, devise, or bequest of 

property, real or personal, accepted under these provisions shall be 

deemed to be a gift, devise, or bequest to or for the use of the United 

States for the purpose of Federal income, estate, and gift taxes.



[CGFR 53-18, 18 FR 3171, June 3, 1953, as amended by CGFR 61-36, 26 FR 

9321, Oct. 3, 1961]