26 CFR 2.1-17
§ 2.1-17 Basis of new vessel.
United States · 26 CFR — Internal Revenue · Status: effective
Cite this
- Citation
- 26 CFR 2.1-17, § 2.1-17 Basis of new vessel, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/112425
- Permanent ID
ys:prov:112425@1- SHA-256
98c1e80a660c085de706d24ecc9793af77d79c2f395579dbc593db5d064029ff
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
The basis for determining gain or loss and for depreciation for the purpose of the Federal income tax with respect to a new vessel constructed, reconstructed, reconditioned, or acquired by the taxpayer, or with respect to which purchase-money indebtedness is liquidated as provided in section 511(g) of the Act, with funds deposited in the construction reserve fund, is reduced by the amount of the unrecognized gain represented in the funds allocated under the provisions of the regulations in this part to the cost of such vessel. (See § 2.1-18.)
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.