26 USC 1352: Alternative tax on qualifying shipping activities
Text contains those laws in effect on August 17, 2024
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter R-Election To Determine Corporate Tax on Certain International Shipping Activities Using Per Ton Rate
§1352. Alternative tax on qualifying shipping activities
In the case of an electing corporation, the tax imposed by section 11 shall be the amount equal to the sum of-
(1) the tax imposed by section 11 determined after the application of this subchapter, and
(2) a tax equal to-
(A) the highest rate of tax specified in section 11, multiplied by
(B) the notional shipping income for the taxable year.
(Added
Statutory Notes and Related Subsidiaries
Effective Date
Section applicable to taxable years beginning after Oct. 22, 2004, see section 248(c) of