Title 46 — ShippingRelease 119-73
§53307 Basis for determining gain or loss and for depreciating new vessels
Title 46 › Subtitle Subtitle V— - Merchant Marine › Part Part C— - Financial Assistance Programs › Chapter CHAPTER 533— - CONSTRUCTION RESERVE FUNDS › § 53307
Summary
Lower the tax basis used to figure profit or depreciation on a new vessel paid from a construction reserve fund by the part of fund deposits that are untaxed gains under section 53306; includes payoffs under section 53310.
Full Legal Text
Title 46, §53307
Shipping — Source: USLM XML via OLRC
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.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 5330746 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.
Reference
Citations & Metadata
Citation
46 U.S.C. § 53307
Title 46 — Shipping
Last Updated
Apr 6, 2026
Release point: 119-73