46 USC 57307 - Recognition of gain for tax purposes
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Sec. 57307. Recognition of gain for tax purposes
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.
Sections: 57109 57301 57302 57303 57304 57305 57306 57307 57308 57501 57502 57503 57504 57505 57506
Last modified: July 21, 2011
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