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2018 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine
Part C - Financial Assistance Programs
Chapter 533 - Construction Reserve Funds
Sec. 53307 - Basis for determining gain or loss and for depreciating new vessels
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| 46 U.S.C. § 53307 (2018) | ||||||
| §53307. Basis for determining gain or loss and for depreciating new vessels | ||||||
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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. |
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(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1589.) |
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| United States Code, 2018 Edition, Title 46 - SHIPPING | ||||||
| Bills and Statutes | ||||||
| United States Code | ||||||
| Y 1.2/5: | ||||||
| Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 533 - CONSTRUCTION RESERVE FUNDS Sec. 53307 - Basis for determining gain or loss and for depreciating new vessels |
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| section 53307 | ||||||
| 2018 | ||||||
| January 14, 2019 | ||||||
| Yes | ||||||
| standard | ||||||
| 54 Stat. 1106 66 Stat. 763 120 Stat. 1589 |
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| Public Law 109-304 |
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