26 U.S. Code § 1355 - Definitions and special rules
The term “electing corporation” means any corporation for which an election is in effect under this subchapter.
The term “United States flag vessel” means any vessel documented under the laws of the United States.
The term “United States domestic trade” means the transportation of goods or passengers between places in the United States.
The term “United States foreign trade” means the transportation of goods or passengers between a place in the United States and a foreign place or between foreign places.
In the case of a qualifying vessel to which this subsection applies, the Secretary shall prescribe rules for the proper allocation of income, expenses, losses, and deductions between the qualified shipping activities and the other activities of such vessel.
The term “qualified zone” means the Great Lakes Waterway and the St. Lawrence Seaway.
The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section.
 So in original.
2006—Subsec. (a)(4). Pub. L. 109–432, § 413(a), substituted “6,000” for “10,000 (6,000, in the case of taxable years beginning after December 31, 2005, and ending before January 1, 2011)”.
Pub. L. 109–222 inserted “(6,000, in the case of taxable years beginning after December 31, 2005, and ending before January 1, 2011)” after “10,000”.
Subsecs. (g), (h). Pub. L. 109–432, § 415(a), added subsec. (g) and redesignated former subsec. (g) as (h).
2005—Subsec. (a)(8). Pub. L. 109–135, § 403(g)(1)(B), struck out heading and text of par. (8). Text read as follows: “The term ‘charter’ includes an operating agreement.”
Subsec. (b)(1). Pub. L. 109–135, § 403(g)(1)(C), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “Except as provided in paragraph (2), a person is treated as operating any vessel during any period if such vessel is—
“(A) owned by, or chartered (including a time charter) to, the person, and
“(B) is in use as a qualifying vessel during such period.”
Subsec. (c)(3). Pub. L. 109–135, § 403(g)(2), substituted “determined by treating all members of such group as 1 person.” for “determined—
“(A) by treating all members of such group as 1 person, and
“(B) by disregarding vessel charters between members of such group.”
Subsec. (d)(3). Pub. L. 109–135, § 403(g)(1)(D), amended par. (3) generally. Prior to amendment, par. (3) read as follows: “the extent of a partner’s ownership or charter interest in any vessel owned by or chartered to the partnership shall be determined on the basis of the partner’s interest in the partnership.”
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.