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 1358 - Allocation of credits, income, and deductions
| 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. 1358 - Allocation of credits, income, and deductions |
| Contains | section 1358 |
| 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. 1456. |
| Statutes at Large Reference | 118 Stat. 1456 |
| Public Law Reference | Public Law 108-357 |
Download PDF
For purposes of this chapter, the qualifying shipping activities of an electing corporation shall be treated as a separate trade or business activity distinct from all other activities conducted by such corporation.
(b) Exclusion of credits or deductions(1) No deduction shall be allowed against the notional shipping income of an electing corporation, and no credit shall be allowed against the tax imposed by section 1352(a)(2).1
(2) No deduction shall be allowed for any net operating loss attributable to the qualifying shipping activities of any person to the extent that such loss is carried forward by such person from a taxable year preceding the first taxable year for which such person was an electing corporation.
(c) Transactions not at arm's lengthSection 482 applies in accordance with this subsection to a transaction or series of transactions—
(1) as between an electing corporation and another person, or
(2) as between an 2 person's qualifying shipping activities and other activities carried on by it.
(Added Pub. L. 108–357, title II, §248(a), Oct. 22, 2004, 118 Stat. 1456.)
1 So in original. Probably should be section “1352(2).”.
2 So in original.
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.
