46 U.S.C. § 53307 — Basis for determining gain or loss and for depreciating new vessels
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 102 words · no verdicts yet
This section sets the tax basis adjustment for new vessels bought with construction reserve funds.
For United States income and excess-profits taxes, the basis used to calculate gain or loss and depreciation of a new vessel* built, rebuilt, reconditioned, or acquired with construction-reserve money, or whose purchase-money debt is paid under section 53310, is reduced by the part of the fund deposits spent on that purpose that represents gain not recognized under section 53306.
Under the income or excess profits tax laws of the United States, the basis for determining a gain or loss and for depreciation of a new vessel* constructed, reconstructed, reconditioned, or acquired by the taxpayer, or for which purchase-money indebtedness is liquidated as provided in section 53310 of this title, with amounts from a construction reserve fund, shall be reduced by that part of the deposits in the fund expended in the construction, reconstruction, reconditioning, acquisition, or liquidation of purchase-money indebtedness of the new vessel* that represents a gain not recognized for tax purposes under section 53306 of this title.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1589.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1589
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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