Election Relative to Nonrecognition of Gain Under Section 511(c)(2), Merchant Marine Act, 1936
Pursuant to the provisions of section 511(c)(2) of the Merchant Marine Act, 1936, as amended, notice is hereby given that the undersigned taxpayer elects that gain in respect of the sale to the United States, or indemnification received from the United States on account of the loss, of the vessel named below or share therein shall not be recognized. The circumstances involved in the computation of such gain are as follows:
Name and other identification of vessel _______________________________
Nature and extent of the taxpayer's interest in the vessel _______________________________
Nature of disposition, i.e., sale or loss _______________________________
Date of disposition _______________________________
Full sale price or full amount of indemnity received by taxpayer _______________________________
Amount and date of each payment of sale price or indemnity received by taxpayer _______________________________
Amount and date of each previous deposit of such payments in construction reserve fund _______________________________
_______________________________
Identification of each check or other instrument by which payment made to taxpayer _______________________________
_______________________________
Tax basis of taxpayer's interest in vessel _______________________________
Any other data affecting the determination of the realized gain _______________________________
Amount of gain (submit computation) _______________________________
_______________________________
(Name of taxpayer)
By _______________________________
_______________________________
(Date of execution)
26 C.F.R. §2.1-12