46 U.S.C. § 53307
Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)
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.
46 U.S.C. § 53307
| HISTORICAL AND REVISION NOTES | ||
| Revised Section | 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. |