U.S. Code » Title 26 » Subtitle Subtitle A— Income Taxes › Chapter CHAPTER 1— NORMAL TAXES AND SURTAXES › Subchapter Subchapter R— Election To Determine Corporate Tax on Certain International Shipping Activities Using Per Ton Rate

26 U.S.C. § 1358

Allocation of credits, income, and deductions

Read at: OLRCuscode.house.gov CornellLII GovInfogovinfo.gov JustiaTitle 26 CasesGoogle Scholar
(a) Qualifying shipping activities

For purposes of this chapter, the qualifying shipping activities of an electing corporation shall be treated as a separate trade or business activity distinct from all other activities conducted by such corporation.

(b) Exclusion of credits or deductions(1) No deduction shall be allowed against the notional shipping income of an electing corporation, and no credit shall be allowed against the tax imposed by section 1352(2).(2) No deduction shall be allowed for any net operating loss attributable to the qualifying shipping activities of any person to the extent that such loss is carried forward by such person from a taxable year preceding the first taxable year for which such person was an electing corporation.(c) Transactions not at arm’s lengthSection 482 applies in accordance with this subsection to a transaction or series of transactions—(1) as between an electing corporation and another person, or(2) as between a person’s qualifying shipping activities and other activities carried on by it.(Added Pub. L. 108–357, title II, § 248(a), Oct. 22, 2004, 118 Stat. 1456; amended Pub. L. 115–141, div. U, title IV, § 401(a)(188), (189), Mar. 23, 2018, 132 Stat. 1193.)Editorial NotesAmendments

2018—Subsec. (b)(1). Pub. L. 115–141, § 401(a)(188), substituted “section 1352(2)” for “section 1352(a)(2)”.

Subsec. (c)(2). Pub. L. 115–141, § 401(a)(189), substituted “a person’s” for “an person’s”.

Statutory Notes and Related SubsidiariesEffective Date

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

Notes of Decisions
Cited in 24 cases, 1937–1940 · leading case: United States v. Proprietors of Soc. Law Library, 102 F.2d 481 (1st Cir. 1939).
Sort: Relevance Newest Treatment
United States v. Proprietors of Soc. Law Library, 102 F.2d 481 (1st Cir. 1939). · cites it 2× “680 , 769, 26 U.S.C.A. § 1358 . Sec. 701 (a) of the Act of 1934 provides that: “(a) For each year ending June 30, beginning with the year ending June 30, 1934, there is hereby imposed upon every domestic corporation with respect to carrying on or doing business for any part of…”
Chicago Tel. Supply Co. v. United States, 23 F. Supp. 471 (Ct. Cl. 1938). · cites it 2× “This latter amount was computed pursuant to sections 701 and 702 of the Revenue Act of 1934, 26 U.S. C.A. §§ 1358, 341, based upon a declared value of capital stock of $444,847.”
Union Internationale De Placements v. Hoey, 96 F.2d 591 (2d Cir. 1938). · cites it 2× “769 , 26 U.S.C.A. § 1358 (b). Appellant, a foreign corporation organized under the laws of the Grand Duchy of Luxembourg, on demand of appellee, paid the taxes for these years on March 5,1937.”
United States v. Peabody Co., 104 F.2d 267 (6th Cir. 1939). “277, 26 U.S.C.A. § 1358 (a), (c) (3) which reads as follows: “(a) For each year ending June 30, beginning with the year ending June 30, 1934, there is hereby imposed upon every domestic corporation with respect to carrying on or doing business for any part of such year an excise…”
Empire Title & Guarantee Co. v. United States, 101 F.2d 69 (2d Cir. 1939). “680 , 26 U.S.C.A. § 1358 (c) (2). The Commissioner denied the claims of exemption and assessed $1,770.”
Beattie Inv. Co. v. United States, 101 F.2d 850 (8th Cir. 1939). · cites it 2× “680 , 769, 26 U.S.C.A. § 1358 (f) (A), and is a proper deduction in fixing the adjusted value of the stock in subsequent years.”
Fed. Coke Corp. v. Driscoll, 27 F. Supp. 224 (W.D. Pa. 1939). “26 U.S.C.A. § 1358 ; Section 105 of the Revenue Act of 1935, and Section 401 of the Revenue Act of 1936, 26 U.”
Allied Agents, Inc. v. United States, 26 F. Supp. 98 (Ct. Cl. 1939). “The capital stock tax and excess-profits tax were reimposed by sections 701 and 702 of the Revenue Act of 1934, 26 U.S.C.A. §§ 1358 , 341, without making any change material to the case now under consideration except that the declaration which is to be used as the basis of the…”
United States v. Atl. Coast Line Co., 99 F.2d 6 (4th Cir. 1938). “Section 701 of the Revenue Act of 1934, 26 U.S.C.A. § 1358 , is identical with the above quoted statute except as to the year mentioned.”
Page v. M. Rich & Bros., 99 F.2d 607 (5th Cir. 1938). “701 of the Revenue Act of 1934, 26 U.S.C.A. § 1358 . Specifically, it was claimed that, incorporated in 1901 for the purpose of doing a department store business, the taxpayer continued in that business only until April 3, 19¿9; that on that date it transferred its entire…”
Mountain Iron Co. v. United States, 31 F. Supp. 895 (D. Minn. 1940). “The capital stock and excess profits taxes were reimposed by Sections 701 and 702 of the Revenue Act of 1934, 26 U.S.C.A. §§ 1358 , 341, 26 U.S.C.A. Int.”
Arthur Iron Mining Co. v. Landy, 103 F.2d 164 (8th Cir. 1939). · cites it 2× “680 , 769, Title 26 U.S.C. § 1358 , 26 U.S.C.A. § 1358 (f) (A) provides that the taxpayer may deduct from the declared value “the value of property distributed in liquidation to shareholders.”
Show all 24 citing cases →
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.