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NOTES:


Source

(June 29, 1936, ch. 858, title V, § 511, as added Oct. 10, 1940, ch. 849, 54 Stat. 1106; amended June 17, 1943, ch. 130, 57 Stat. 157; Dec. 23, 1944, ch. 714, 58 Stat. 920; July 17, 1952, ch. 939, §§ 9–14, 66 Stat. 762–764; Pub. L. 86–237, § 1, Sept. 8, 1959, 73 Stat. 471; Pub. L. 87–303, § 3, Sept. 26, 1961, 75 Stat. 661; Pub. L. 87–782, § 1, Oct. 10, 1962, 76 Stat. 796; Pub. L. 88–227, § 1, Dec. 23, 1963, 77 Stat. 470; Pub. L. 88–595, § 1, Sept. 12, 1964, 78 Stat. 943; Pub. L. 97–31, § 12(92), Aug. 6, 1981, 95 Stat. 161.)

References in Text

Section 102 of the Internal Revenue Code, referred to in subsec. (f), means section 102 of the Internal Revenue Code of 1939, which was classified to section 102 of former Title 26, Internal Revenue Code. Section 102 was repealed by section 7851 (a)(1) of Title 26, Internal Revenue Code. For table of comparisons of the 1939 Code to the 1986 Code, see Table I preceding section 1 of Title 26. See also section 7851 (e) of Title 26 for provision that references in the 1986 Code to a provision of the 1939 Code, not then applicable, shall be deemed a reference to the corresponding provision of the 1986 Code, which is then applicable.
Chapter 1 of the Internal Revenue Code, referred to in subsec. (m), means chapter 1 of the Internal Revenue Code of 1939, which was classified to chapter 1 of former Title 26, Internal Revenue Code. Chapter 1 was comprised of sections 1 to 482 of former Title 26. Sections 1 to 142 and 145 to 482 were repealed by section 7851 (a)(1) of Title 26, Internal Revenue Code. Sections 143 and 144 were repealed by section 7851 (a)(2) of Title 26. For table of comparisons of the 1939 Code to the 1986 Code, see Table I preceding section 1 of Title 26. See also section 7851 (e) of Title 26 for provision that references in the 1986 Code to a provision of the 1939 Code, not then applicable, shall be deemed a reference to the corresponding provision of the 1986 Code, which is then applicable.

Amendments

1981—Subsecs. (a), (b). Pub. L. 97–31, § 12(92)(A), substituted “Secretary of Transportation” for “Commission” wherever appearing. For prior transfers of functions of the Commission, meaning the United States Maritime Commission, see Transfer of Functions note below.
Subsec. (g). Pub. L. 97–31, § 12(92), substituted “Secretary of Transportation” for “Commission” wherever appearing and in subpars. (A) and (B), substituted “him” for “it”. For prior transfers of functions of the Commission, meaning the United States Maritime Commission, see Transfer of Functions note below.
Subsecs. (h), (i), (n), (o). Pub. L. 97–31, § 12(92)(A), substituted “Secretary of Transportation” for “Commission” wherever appearing. For prior transfers of functions of the Commission, meaning the United States Maritime Commission, see Transfer of Functions note below.
1964—Subsec. (h). Pub. L. 88–595 substituted “January 1, 1965” for “January 1, 1964” and “December 31, 1965” for “December 31, 1964”.
1963—Subsec. (h). Pub. L. 88–227 substituted “January 1, 1964” for “January 1, 1963” and “December 31, 1964” for “December 31, 1963”.
1962—Subsec. (h). Pub. L. 87–782 substituted “January 1, 1963” for “January 1, 1962” and “December 31, 1963” for “December 31, 1962”.
1961—Subsec. (h). Pub. L. 87–303 substituted “January 1, 1962” for “January 1, 1961” and “December 31, 1962” for “December 31, 1961”.
1959—Subsec. (h). Pub. L. 86–237 substituted “January 1, 1961” and “December 31, 1961” for “March 31, 1953” and “September 30, 1953,” respectively.
1952—Subsec. (b). Act July 17, 1952, § 9, extended its provisions to the reconstruction and reconditioning of vessels.
Subsec. (c). Act July 17, 1952, § 10, struck out obsolete language.
Subsec. (d). Act July 17, 1952, § 11, provided for the adjustment in the tax basis of a vessel if the reserve funds are used for reconstruction, reconditioning, or liquidation of a purchase-money indebtedness on vessels.
Subsec. (g). Act July 17, 1952, § 12, provided that the reserve funds may be used for reconstruction, reconditioning, and liquidation of purchase money indebtedness, and extended the time of required commitment of deposits in order to avoid the imposition of taxes at the established rate.
Subsec. (h). Act July 17, 1952, § 13(a), extended extension period.
Subsec. (i). Act July 17, 1952, § 13(b), limited the additional 1.1% tax imposed on deposits in lieu of the capital-stock tax or declared excess profit tax to deposits made in taxable years ending on or before June 30, 1945.
Subsec. (o). Act July 17, 1952, § 14, added subsec. (o).
1944—Subsec. (c). Act Dec. 23, 1944, amended first sentence generally.
Subsec. (n). Act Dec. 23, 1944, added subsec. (n).
1943—Subsec. (b). Act June 17, 1943, extended provisions of first sentence to ownership in whole or in part and to persons who had acquired or were having constructed a vessel or vessels.
Subsec. (c). Act June 17, 1943, changed the dates of deposit in second sentence.
Subsec. (g). Act June 17, 1943, inserted “(or in the discretion of the Commission, for a part interest therein)”.
Subsec. (h). Act June 17, 1943, substituted “Commission” for “Commissioner of Internal Revenue” at beginning of subsec. and inserted proviso.

Effective Date of 1964 Amendment

Section 2 of Pub. L. 88–595 provided that: “The amendment made by the first section of this Act [amending this section] shall take effect December 31, 1964, or on the date of enactment of this Act [Sept. 12, 1964], whichever date first occurs.”

Effective Date of 1963 Amendment

Section 2 of Pub. L. 88–227 provided that: “The amendment made by the first section of this Act [amending this section] shall take effect December 31, 1963, or on the date of enactment of this Act [Dec. 23, 1963], whichever date first occurs.”

Effective Date of 1962 Amendment

Section 2 of Pub. L. 87–782 provided that: “The amendment made by the first section of this Act [amending this section] shall take effect December 31, 1962, or on the date of enactment of this Act [Oct. 10, 1962], whichever date first occurs.”

Effective Date of 1959 Amendment

Section 2 of Pub. L. 86–237 provided that: “The amendment made by the first section of this Act [amending this section] shall take effect June 30, 1959, or on the date of enactment of this Act [Sept. 8, 1959], whichever date first occurs.”

Transfer of Functions

For transfer of functions of United States Maritime Commission, see Reorg. Plan No. 6 of 1949, Reorg. Plan No. 21 of 1950, and Reorg. Plan No. 7 of 1961, set out under section 1111 of this Appendix.

Termination of War

Section 5 of act Aug. 8, 1947, ch. 515, 61 Stat. 917, as amended Apr. 20, 1949, ch. 82, 63 Stat. 56; Oct. 1, 1951, ch. 443, 65 Stat. 366; July 16, 1952, ch. 913, 66 Stat. 737, provided: “For the purposes of the proviso of subsection (h) of section 511 of the Merchant Marine Act, 1936, as amended, added to such subsection by the Act of June 17, 1943 (57 Stat. 158) [subsec. (h) of this section], the present war shall be considered as having terminated on March 31, 1953.”

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