For purposes of this subchapter, the term "qualifying shipping activities" means-
For purposes of this subchapter, the term "core qualifying activities" means activities in operating qualifying vessels in United States foreign trade.
For purposes of this section-
The term "qualifying secondary activities" means secondary activities but only to the extent that, without regard to this subchapter, the gross income derived by such corporation from such activities does not exceed 20 percent of the gross income derived by the corporation from its core qualifying activities.
The term "secondary activities" means-
Such term shall not include any core qualifying activities.
For purposes of this section, the term "qualified incidental activities" means shipping-related activities if-
In the case of an electing group, subsections (c)(1) and (d)(3) shall be applied as if such group were 1 entity, and the limitations under such subsections shall be allocated among the corporations in such group.
26 U.S.C. § 1356
EDITORIAL NOTES
AMENDMENTS2005-Subsec. (c)(2). Pub. L. 109-135, §403(g)(3)(B), inserted concluding provisions.Subsec. (c)(3). Pub. L. 109-135, §403(g)(3)(A), struck out heading and text of par. (3). Text read as follows:"(A) IN GENERAL.-Such term shall not include any core qualifying activities."(B) NONELECTING CORPORATIONS.-In the case of a corporation (other than an electing corporation) which is a member of an electing group, any core qualifying activities of the corporation shall be treated as qualifying secondary activities (and not as core qualifying activities)."
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2005 AMENDMENT Amendments by Pub. L. 109-135 effective as if included in the provisions of the American Jobs Creation Act of 2004, Pub. L. 108-357, to which they relate, see section 403(nn) of Pub. L. 109-135, set out as a note under section 26 of this title.
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.
- Secretary
- The term "Secretary" means the Secretary of the Treasury or his delegate.
- corporation
- The term "corporation" includes associations, joint-stock companies, and insurance companies.
- person
- The term "person" shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation.