Title 46, ShippingRelease 119-102
§53304 Vessel Ownership
Title 46 › Subtitle V — Merchant Marine › Part C — Financial Assistance Programs › CHAPTER 533 — CONSTRUCTION RESERVE FUNDS › § 53304
Summary
Taxpayer owns a corporation's vessel if they own 95% of every stock class.
Full Legal Text
Title 46, §53304
Shipping, Source: USLM XML via OLRC
In this chapter, a vessel is deemed to be constructed or acquired by a taxpayer if constructed or acquired by a corporation when the taxpayer owns at least 95 percent of each class of stock of the corporation.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 5330446 App.:1161(l).June 29, 1936, ch. 858, title V, § 511(l), as added Oct. 10, 1940, ch. 849, 54 Stat. 1108.
Reference
Citations & Metadata
Citation
46 U.S.C. § 53304
Title 46, Shipping
Last Updated
Aug 21, 2026
Release point: 119-102