46 U.S.C. § 57307 — Recognition of gain for tax purposes
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 88 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The owner of an obsolete vessel* does not recognize a gain under the Federal income tax laws when the vessel* is transferred to the Secretary of Transportation in exchange for a trade-in allowance under this chapter. The basis of the new vessel* acquired with the allowance is the same as the basis of the obsolete vessel—
increased by the difference between the cost of the new vessel and the trade-in allowance of the obsolete vessel; and
decreased by the amount of loss recognized on the transfer.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1663.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1663
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.
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