Fabio
76b8ec33a7
Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
44 lines
2.3 KiB
Markdown
44 lines
2.3 KiB
Markdown
---
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type: "LegalText"
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title: "46 U.S.C. § 57307"
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description: "Recognition of gain for tax purposes"
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jurisdiction: "us"
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corpus: "united_states_code"
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kind: "code_section"
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title_number: 46
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title_name: "SHIPPING"
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chapter_number: "573"
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chapter_name: "VESSEL TRADE-IN PROGRAM"
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section: "57307"
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citation: "46 U.S.C. § 57307"
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status: "current"
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release_point: "119-100"
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release_date: "2026-06-26"
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source: "official"
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source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc46@119-100.zip"
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source_identifier: "/us/usc/t46/s57307"
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source_file: "data/legal/raw/us/code/title-46/usc46.xml"
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source_hash: "f4f0c5b1722a9511053e19748d84199f991c6ede664ab549f772332f93b0c785"
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raw_snapshot_hash: "eb1331aa3c08ed87231a3606d86b30d1b5942cdf8542f6a3df8ac1d66e86057f"
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text_hash: "fe093cec1d9f6149ae71005c210217c37408f03c85588cc17b0da5d9fb2e0a8a"
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retrieved_at: "2026-07-04"
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confidence: "official"
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tags: ["legal", "us-code"]
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---
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# 46 U.S.C. § 57307 - Recognition of gain for tax purposes
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## Text
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The owner of an obsolete vessel does not recognize a gain under the Federal income tax laws when the vessel is transferred to the Secretary of Transportation in exchange for a trade-in allowance under this chapter. The basis of the new vessel acquired with the allowance is the same as the basis of the obsolete vessel—
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(1) increased by the difference between the cost of the new vessel and the trade-in allowance of the obsolete vessel; and
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(2) decreased by the amount of loss recognized on the transfer.
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(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1663.)
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## Notes
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Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 5730746 App.:1160(e).June 29, 1936, ch. 858, title V, § 510(e), as added Aug. 4, 1939, ch. 417, § 7, 53 Stat. 1184; Pub. L. 97–31, § 12(91), Aug. 6, 1981, 95 Stat. 161. The words “for gain or loss upon a sale or exchange and for depreciation under the applicable Federal income-tax laws” and “or vessels exchanged for credit upon the acquisition of such new vessel” are omitted as unnecessary. In paragraph (1), the words “the difference between the cost of the new vessel and the trade-in allowance of the obsolete vessel” are substituted for “the amount of the cost of such vessel (other than the cost represented by such obsolete vessel or vessels)” for clarity.
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