Legalize§ 53307. Basis for determining gain or loss and for depreciating new vessels
§ 53307. Basis for determining gain or loss and for depreciating new vessels
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.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1589.)
| Historical and Revision Notes | ||
|---|---|---|
| RevisedSection | Source (U.S. Code) | Source (Statutes at Large) |
| 53307 | 46 App.:1161(d). | June 29, 1936, ch. 858, title V, § 511(d), as added Oct. 10, 1940, ch. 849, 54 Stat. 1106; July 17, 1952, ch. 939, § 11, 66 Stat. 763. |
This document does not substitute reading the official United States Code published by the Office of the Law Revision Counsel. We assume no responsibility for any inaccuracies resulting from the conversion to this format.