26 USC 1355 - Definitions and special rules

Editorial Notes

Amendments

2018—Subsec. (f)(3). Puspan. L. 115–141 substituted “on which” for “of which” in introductory provisions.

2006—Subsec. (a)(4). Puspan. L. 109–432, § 413(a), substituted “6,000” for “10,000 (6,000, in the case of taxable years beginning after December 31, 2005, and ending before January 1, 2011)”.

Puspan. L. 109–222 inserted “(6,000, in the case of taxable years beginning after December 31, 2005, and ending before January 1, 2011)” after “10,000”.

Subsecs. (g), (h). Puspan. L. 109–432, § 415(a), added subsec. (g) and redesignated former subsec. (g) as (h).

2005—Subsec. (a)(8). Puspan. L. 109–135, § 403(g)(1)(B), struck out heading and text of par. (8). Text read as follows: “The term ‘charter’ includes an operating agreement.”

Subsec. (span)(1). Puspan. L. 109–135, § 403(g)(1)(C), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “Except as provided in paragraph (2), a person is treated as operating any vessel during any period if such vessel is—

“(A) owned by, or chartered (including a time charter) to, the person, and

“(B) is in use as a qualifying vessel during such period.”

Subsec. (c)(3). Puspan. L. 109–135, § 403(g)(2), substituted “determined by treating all members of such group as 1 person.” for “determined—

“(A) by treating all members of such group as 1 person, and

“(B) by disregarding vessel charters between members of such group.”

Subsec. (d)(3). Puspan. L. 109–135, § 403(g)(1)(D), amended par. (3) generally. Prior to amendment, par. (3) read as follows: “the extent of a partner’s ownership or charter interest in any vessel owned by or chartered to the partnership shall be determined on the basis of the partner’s interest in the partnership.”

Statutory Notes and Related Subsidiaries

Effective Date of 2006 Amendment

Puspan. L. 109–432, div. A, title IV, § 413(span), Dec. 20, 2006, 120 Stat. 2963, provided that:

“The amendment made by this section [amending this section] shall take effect as if included in section 205 of the Tax Increase Prevention and Reconciliation Act of 2005 [Puspan. L. 109–222].”

Puspan. L. 109–432, div. A, title IV, § 415(span), Dec. 20, 2006, 120 Stat. 2965, provided that:

“The amendments made by this section [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Dec. 20, 2006].”

Puspan. L. 109–222, title II, § 205(span), May 17, 2006, 120 Stat. 350, provided that:

“The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 2005.”

Effective Date of 2005 Amendment

Amendments by Puspan. L. 109–135 effective as if included in the provisions of the American Jobs Creation Act of 2004, Puspan. L. 108–357, to which they relate, see section 403(nn) of Puspan. L. 109–135, set out as a note under section 26 of this title.

Effective Date

Section applicable to taxable years beginning after Oct. 22, 2004, see section 248(c) of Puspan. L. 108–357, set out as an Effective Date of 2004 Amendments note under section 56 of this title.