46-U.S.C.-57307
§57307 – Recognition of Gain For Tax Purposes
Pathway
Title 46 > Subtitle V > Part F > Chapter 573 > Section 57307
Details
- Reference: Section 57307
- Legend: §57307 – Recognition of Gain For Tax Purposes
- USCode Year: 2013
Provision Content
The owner of an obsolete vessel does not recognize a gain under the Federal income tax laws when the vessel is transferred to the Secretary of Transportation in exchange for a trade-in allowance under this chapter. The basis of the new vessel acquired with the allowance is the same as the basis of the obsolete vessel—
(1) increased by the difference between the cost of the new vessel and the trade-in allowance of the obsolete vessel; and
(2) decreased by the amount of loss recognized on the transfer.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1663.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 57307 | 46 App.:1160(e). | June 29, 1936, ch. 858, title V, §510(e), as added Aug. 4, 1939, ch. 417, §7, 53 Stat. 1184; Pub. L. 97–31, §12(91), Aug. 6, 1981, 95 Stat. 161. |
The words for gain or loss upon a sale or exchange and for depreciation under the applicable Federal income-tax laws and or vessels exchanged for credit upon the acquisition of such new vessel are omitted as unnecessary. In paragraph (1), the words the difference between the cost of the new vessel and the trade-in allowance of the obsolete vessel are substituted for the amount of the cost of such vessel (other than the cost represented by such obsolete vessel or vessels) for clarity.
U.S. Encyclopedia of Law Coverage
Chapter 573 – Vessel Trade-In Program in the Legal Encyclopedia: Shipping
In this entry about Chapter 573 – Vessel Trade-In Program, find legal reference material, bibliographies and premiere content related to shipping in the American Encyclopedia of Law, presenting a comprehensive view of the United States shipping-specific issues, written by authorities in the field.
46-U.S.C.-56307 in the Legal Encyclopedia: Merchant Marine
In this entry about 46-U.S.C.-56307, find legal reference material, bibliographies and premiere content related to merchant marine in the American Encyclopedia of Law, presenting a comprehensive view of the United States merchant marine-specific issues, written by authorities in the field.
46-U.S.C.-57305 in the Legal Encyclopedia: Government Owned Merchant Vessels
In this entry about 46-U.S.C.-57305, find legal reference material, bibliographies and premiere content related to government owned merchant vessels in the American Encyclopedia of Law, presenting a comprehensive view of the United States government owned merchant vessels-specific issues, written by authorities in the field.
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