26 USC 1353 - Notional shipping income

U.S Code last checked for updates: Nov 26, 2024

§ 1353.

Notional shipping income

(a)

In general

(b)

Amounts

(1)

In general

For purposes of subsection (a), the amount of notional shipping income of an electing corporation for each qualifying vessel for the taxable year shall equal the product of—

(A)

the daily notional shipping income, and

(B)

the number of days during the taxable year that the electing corporation operated such vessel as a qualifying vessel in United States foreign trade.

(2)

Treatment of vessels the income from which is not otherwise subject to tax

(c)

Daily notional shipping income

For purposes of subsection (b), the daily notional shipping income from the operation of a qualifying vessel is—

(1)

40 cents for each 100 tons of so much of the net tonnage of the vessel as does not exceed 25,000 net tons, and

(2)

20 cents for each 100 tons of so much of the net tonnage of the vessel as exceeds 25,000 net tons.

(d)

Multiple operators of vessel

(Added Pub. L. 108–357, title II, § 248(a), Oct. 22, 2004, 118 Stat. 1450; amended Pub. L. 109–135, title IV, § 403(g)(1)(A), Dec. 21, 2005, 119 Stat. 2624.)

cite as: 26 USC 1353