46 U.S. Code § 53307 - Basis for determining gain or loss and for depreciating new vessels
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.
Source(Pub. L. 109–304, § 8(c),Oct. 6, 2006, 120 Stat. 1589.)
|Revised Section||Source (U.S. Code)||Source (Statutes at Large)|
|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.|