Code of Federal Regulations (Last Updated: July 5, 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 |
§ 287.27 - Controlled corporation.
Latest version.
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§ 287.27 Controlled corporation.
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.