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46 U.S.C. § 57307 — Recognition of gain for tax purposes
Federal law — U.S. Code and appendices · legal_authorities
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.
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Source location: Title 46, Chapter 573, § 57307; chapter-573-vessel-trade-in-program.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
(1) For nonrecognition of gain in connection with the transfer of obsolete vessels to the Maritime Administration under chapter 573 of title 46, United States Code, see [section 57307 of title 46](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section57307&num=0&edition=prelim).
(2) For recognition of gain or loss in connection with the construction of new vessels, see chapter 533 of title 46, United States Code.
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Federal law — U.S. Code and appendices · legal_authorities
Page 516
TITLE 46—SHIPPING
§ 57304
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
57303 ..........
46 App.:1160(c).
June 29, 1936, ch. 858, title
V, § 510(c), as added Aug. 4,
1939, ch. 417, § 7, 53 Stat.
1184; Pub. L. 97–31, § 12(91),
Aug. 6, 1981, 95 Stat. 161.
§ 57304. Eligible acquisition dates
At the option of the owner, the acquisition of
an obsolete vessel under this chapter shall
occur—
(1) when the owner contracts for the con-
struction or purchase of a new vessel; or
(2) within 5 days of the actual date of deliv-
ery of the new vessel to the owner.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1662.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
57304 ..........
46 App.:1160(b) (2d
sentence).
June 29, 1936, ch. 858, title
V, § 510(b) (2d sentence), as
added Aug. 4, 1939, ch. 417,
§ 7, 53 Stat. 1184; Pub. L.
87–401, subdiv. (1), Oct. 5,
1961, 75 Stat. 833; Pub. L.
91–469, § 35(a), Oct. 21, 1970,
84 Stat. 1035; Pub. L. 97–31,
§ 12(91), Aug. 6, 1981, 95
Stat. 161.
The words ‘‘At the option of the owner’’ are sub-
stituted for ‘‘if the owner so requests’’ for clarity.
§ 57305. Determination of trade-in allowance
(a) IN GENERAL.—The Secretary of Transpor-
tation shall determine the trade-in allowance
for an obsolete vessel at the time of acquisition
of the vessel. The allowance shall be the fair
value of the vessel. In determining the value,
the Secretary shall consider—
(1) the scrap value of the obsolete vessel in
American and foreign markets;
(2) the depreciated value based on a 20-year
or 25-year life, whichever applies to the obso-
lete vessel; and
(3) the market value of the obsolete vessel
for operation in world commerce or
Source: Supplied 2024 U.S. Code historical extraction · 46 U.S.C. § 57307
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