FEDERAL · 46 U.S.C. · Chapter 533
Basis for determining gain or loss and for depreciating new vessels
46 U.S.C. § 53307
Title46 — Shipping
Chapter533 — CONSTRUCTION RESERVE FUNDS
This text of 46 U.S.C. § 53307 (Basis for determining gain or loss and for depreciating new vessels) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
46 U.S.C. § 53307.
Text
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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History
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1589.)
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46 U.S.C. § 53307, Counsel Stack Legal Research, https://law.counselstack.com/usc/46/53307.