(1) the adjusted basis of the vessel; and
(2) the amount of gain the taxpayer would recognize without regard to this section.
(1) deposits an amount equal to the net proceeds of the sale or the net indemnity for the loss in a construction reserve fund within 60 days after receiving the payment of proceeds or indemnity; and
(2) elects under this section not to recognize the gain.
|Source (U.S. Code)||Source (Statutes at Large)|
|53306||46 App.:1161(c).||June 29, 1936, ch. 858, title V, §511(c), as added Oct. 10, 1940, ch. 849, 54 Stat. 1106; June 17, 1943, ch. 130, subdiv. (b), 57 Stat. 157; Dec. 23, 1944, ch. 714, §1, 58 Stat. 920; July 17, 1952, ch. 939, §10, 66 Stat. 762.|
In subsection (c)(2), the words "in any taxable year beginning after December 31, 1939" are omitted as obsolete. The words "prescribed by the Secretary of the Treasury" are substituted for "prescribed by the Commissioner of Internal Revenue with the approval of the Secretary of the Treasury" for consistency in the revised title and with other titles of the United States Code. See 26 U.S.C. 7805.
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