{"data":{"id":"us/46-u.s.c.-53307","jurisdiction":"us","citation":"46 U.S.C. § 53307","heading":"Basis for determining gain or loss and for depreciating new vessels","body":"Under the income or excess profits tax laws of the United States, the basis for determining a gain or loss and for depreciation of a new vessel constructed, reconstructed, reconditioned, or acquired by the taxpayer, or for which purchase-money indebtedness is liquidated as provided in section 53310 of this title, with amounts from a construction reserve fund, shall be reduced by that part of the deposits in the fund expended in the construction, reconstruction, reconditioning, acquisition, or liquidation of purchase-money indebtedness of the new vessel that represents a gain not recognized for tax purposes under section 53306 of this title.","path":["Title 46—SHIPPING","CHAPTER 533—CONSTRUCTION RESERVE FUNDS"],"source_url":"https://uscode.house.gov/download/releasepoints/us/pl/119/103/xml_usc46@119-103.zip","current_through":"Public Law 119-103 (09/02/2026)","vintage":"","retrieved_at":"2026-09-10T06:00:50Z","sha256":"8fc8e67d6a0550a530d3c89ea0ada84cc3f26fe0aeff77c4a57ea9ef737c5fe0","source_id":"us","stale":true,"prev":"us/46-u.s.c.-53306","next":"us/46-u.s.c.-53308"},"notice":"GroundRules: Original legal text. Not legal advice."}