2012 US Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes (§§ 1 - 1564)
Chapter 1 - NORMAL TAXES AND SURTAXES (§§ 1 - 1400U-3)
Subchapter R - Election To Determine Corporate Tax on Certain International Shipping Activities Using Per Ton Rate (§§ 1352 - 1359)
Section 1354 - Alternative tax election; revocation; termination
Publication Title | United States Code, 2012 Edition, Title 26 - INTERNAL REVENUE CODE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter R - Election To Determine Corporate Tax on Certain International Shipping Activities Using Per Ton Rate Sec. 1354 - Alternative tax election; revocation; termination |
Contains | section 1354 |
Date | 2012 |
Laws in Effect as of Date | January 15, 2013 |
Positive Law | No |
Disposition | standard |
Source Credit | Added Pub. L. 108-357, title II, §248(a), Oct. 22, 2004, 118 Stat. 1451; amended Pub. L. 109-135, title IV, §403(g)(4), Dec. 21, 2005, 119 Stat. 2624. |
Statutes at Large References | 118 Stat. 1451 119 Stat. 2624 |
Public Law References | Public Law 108-357, Public Law 109-135 |
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A qualifying vessel operator may elect the application of this subchapter.
(b) Time and manner; years for which effectiveAn election under this subchapter—
(1) shall be made in such form as prescribed by the Secretary, and
(2) shall be effective for the taxable year for which made and all succeeding taxable years until terminated under subsection (d).
Such election may be effective for any taxable year only if made on or before the due date (including extensions) for filing the corporation's return for such taxable year.
(c) Consistent elections by members of controlled groupsAn election under subsection (a) by a member of a controlled group shall apply to all qualifying vessel operators that are members of such group.
(d) Termination (1) By revocation (A) In generalAn election under subsection (a) may be terminated by revocation.
(B) When effectiveExcept as provided in subparagraph (C)—
(i) a revocation made during the taxable year and on or before the 15th day of the 3d month thereof shall be effective on the 1st day of such taxable year, and
(ii) a revocation made during the taxable year but after such 15th day shall be effective on the 1st day of the following taxable year.
(C) Revocation may specify prospective dateIf the revocation specifies a date for revocation which is on or after the day on which the revocation is made, the revocation shall be effective for taxable years beginning on and after the date so specified.
(2) By person ceasing to be qualifying vessel operator (A) In generalAn election under subsection (a) shall be terminated whenever (at any time on or after the 1st day of the 1st taxable year for which the corporation is an electing corporation) such corporation ceases to be a qualifying vessel operator.
(B) When effectiveAny termination under this paragraph shall be effective on and after the date of cessation.
(C) AnnualizationThe Secretary shall prescribe such annualization and other rules as are appropriate in the case of a termination under this paragraph.
(e) Election after terminationIf a qualifying vessel operator has made an election under subsection (a) and if such election has been terminated under subsection (d), such operator (and any successor operator) shall not be eligible to make an election under subsection (a) for any taxable year before its 5th taxable year which begins after the 1st taxable year for which such termination is effective, unless the Secretary consents to such election.
(Added Pub. L. 108–357, title II, §248(a), Oct. 22, 2004, 118 Stat. 1451; amended Pub. L. 109–135, title IV, §403(g)(4), Dec. 21, 2005, 119 Stat. 2624.)
Amendments2005—Subsec. (b). Pub. L. 109–135 inserted “on or” after “only if made” in concluding provisions.
Effective Date of 2005 AmendmentAmendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.
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