For the purpose of section 511 of the Act and the regulations in this part a new vessel is considered as constructed, reconstructed, reconditioned, or acquired by the taxpayer if constructed, reconstructed, reconditioned, or acquired by a corporation at a time when the taxpayer owns not less than 95 percent of the total number of shares of each class of stock of the corporation.
authority: Sec. 511(b), 49 Stat. 1985, as amended, sec. 7805, 68A Stat. 917;
26 U.S.C. 7805,
46.S.C. 1161(b)
source: T.D. 6820, 30 FR 6030, Apr. 29, 1965, unless otherwise noted.
cite as: 26 CFR 2.1-27