26 U.S.C. § 1352 — Alternative tax on qualifying shipping activities

submitted 22 years ago by Pub. L. 108-357 to r/title-26-INTERNAL-REVENUE-CODE · 63 words · no verdicts yet

in plain englishAI-generated · not legal advice

For an electing corporation, the section 11 tax is the sum of the ordinary section 11 tax after this subchapter and an additional tax based on notional shipping income.

For an electing corporation, the tax under section 11 equals (1) the section 11 tax determined after applying this subchapter, plus (2) a tax equal to the highest rate in section 11 multiplied by the corporation’s notional shipping income for the taxable year.

the actual law source: uscode.house.gov ↗public domain

In the case of an electing corporation, the tax imposed by section 11 shall be the amount equal to the sum of—

(1)

the tax imposed by section 11 determined after the application of this subchapter, and

(2)

a tax equal to—

(A)

the highest rate of tax specified in section 11, multiplied by

(B)

the notional shipping income for the taxable year.

Source credit: (Added Pub. L. 108–357, title II, § 248(a), Oct. 22, 2004, 118 Stat. 1450.)

history & why it existsrecord from the source credit

2004Enacted · Pub. L. 108-357 · 118 Stat. 1450

A history note hasn’t been published yet. The record shows enactment by Pub. L. 108-357 on 2004-10-22.

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