26 U.S.C. § 1352

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 1352 - Alternative tax on qualifying shipping activities

In the case of an electing corporation, the tax imposed by section 11 shall be the amount equal to the sum of-

(1) the tax imposed by section 11 determined after the application of this subchapter, and

(2) a tax equal to-

(A) the highest rate of tax specified in section 11, multiplied by

(B) the notional shipping income for the taxable year.

26 U.S.C. § 1352

Added Pub. L. 108-357, title II, §248(a), Oct. 22, 2004, 118 Stat. 1450.

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATESection applicable to taxable years beginning after Oct. 22, 2004, see section 248(c) of Pub. L. 108-357, set out as an Effective Date of 2004 Amendments note under section 56 of this title.

corporation

The term "corporation" includes associations, joint-stock companies, and insurance companies.

taxable year

The term "taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. "Taxable year" means, in the case of a return made for a fractional part of a year under the provisions of subtitle A or under regulations prescribed by the Secretary, the period for which such return is made.