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Title 26 → Chapter I → Subchapter A → Part 2 → §2.1-27 |
Title 26: Internal Revenue
PART 2—MARITIME CONSTRUCTION RESERVE FUND
§2.1-27 Controlled corporation.
For the purpose of section 511 of the Act and the regulations in this part a new vessel is considered as constructed, reconstructed, reconditioned, or acquired by the taxpayer if constructed, reconstructed, reconditioned, or acquired by a corporation at a time when the taxpayer owns not less than 95 percent of the total number of shares of each class of stock of the corporation.