---
type: "LegalText"
title: "46 U.S.C. § 53307"
description: "Basis for determining gain or loss and for depreciating new vessels"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 46
title_name: "SHIPPING"
chapter_number: "533"
chapter_name: "CONSTRUCTION RESERVE FUNDS"
section: "53307"
citation: "46 U.S.C. § 53307"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
source: "official"
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc46@119-100.zip"
source_identifier: "/us/usc/t46/s53307"
source_file: "data/legal/raw/us/code/title-46/usc46.xml"
source_hash: "b99314da2ad84d065fcfb4f1f5ec4398512ad24dd011d0a207a50dec8ceabe9a"
raw_snapshot_hash: "eb1331aa3c08ed87231a3606d86b30d1b5942cdf8542f6a3df8ac1d66e86057f"
text_hash: "ee247591daf727f56b3652a6b531a0a4d477e49f2a1abb146eeb59cc8324b652"
retrieved_at: "2026-07-04"
confidence: "official"
tags: ["legal", "us-code"]
---

# 46 U.S.C. § 53307 - Basis for determining gain or loss and for depreciating new vessels

## Text

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.

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

## Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 5330746 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.