Code of Federal Regulations (Last Updated: May 6, 2024) |
Title 46 - Shipping |
Chapter II - Maritime Administration, Department of Transportation |
SubChapter C - Regulations Affecting Subsidized Vessels and Operators |
Part 287 - Establishment of Construction Reserve Funds |
§ 287.17 - Basis of new vessel.
Latest version.
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§ 287.17 Basis of new vessel.
The basis for determining gain or loss and for depreciation for the purpose of the Federal income tax with respect to a new vessel constructed, reconstructed, reconditioned, or acquired by the taxpayer, or with respect to which purchase-money indebtedness is liquidated as provided in section 511(g) of the Act, with funds deposited in the construction reserve fund, is reduced by the amount of the unrecognized gain represented in the funds allocated under the provisions of the regulations in this part to the cost of such vessel. (See § 287.18.)