46 USC § 53307 - Basis for determining gain or loss and for depreciating new vessels

---
identifier: "/us/usc/t46/s53307"
source: "usc"
legal_status: "official_legal_evidence"
title: "46 USC § 53307 - Basis for determining gain or loss and for depreciating new vessels"
title_number: 46
title_name: "SHIPPING"
section_number: "53307"
section_name: "Basis for determining gain or loss and for depreciating new vessels"
chapter_number: 533
chapter_name: "CONSTRUCTION RESERVE FUNDS"
part_number: "C"
part_name: "Financial Assistance Programs"
positive_law: true
currency: "119-84"
last_updated: "2026-03-26"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1589.)"
---


# § 53307. Basis for determining gain or loss and for depreciating new vessels

section 53310 of this titlesection 53306 of this title

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 , 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 .

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**Source Credit**: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1589.)

| RevisedSection | Source (U.S. Code) | Source (Statutes at Large) |
| --- | --- | --- |
| 53307 | 46 App.:1161(d). | June 29, 1936, ch. 858, title V, § 511(d), as added Oct. 10, 1940, ch. 849, 54 Stat. 1106; July 17, 1952, ch. 939, § 11, 66 Stat. 763. |