For purposes of this chapter, the qualifying shipping activities of an electing corporation shall be treated as a separate trade or business activity distinct from all other activities conducted by such corporation.
(b) Exclusion of credits or deductions
(1)No deduction shall be allowed against the notional shipping income of an electing corporation, and no credit shall be allowed against the tax imposed by section
(2)No deduction shall be allowed for any net operating loss attributable to the qualifying shipping activities of any person to the extent that such loss is carried forward by such person from a taxable year preceding the first taxable year for which such person was an electing corporation.
(c) Transactions not at arm’s length
482 applies in accordance with this subsection to a transaction or series of transactions—
(1)as between an electing corporation and another person, or
(2)as between an  person’s qualifying shipping activities and other activities carried on by it.
 So in original. Probably should be section “1352(2).”.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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