Treasury Regulations · 26 CFR

§ 2.1-21. Period for construction of certain vessels.

In effect eCFR current as of October 15, 2026

Regulation text, no changes From the eCFR, current as of October 15, 2026. The eCFR is an authoritative but unofficial editorial compilation of the Code of Federal Regulations; the official text is the annual CFR on govinfo. Compare it with this section on ecfr.gov (external site) or the official annual CFR on govinfo (external site).

Regulation under 26 U.S.C. § 1

Cite as 26 CFR § 2.1-21

At a glance

Read from the text and its source citation. Not part of the regulation.

Status: In the current eCFR
Source: T.D. 6820, 30 FR 6030, Apr. 29, 1965, unless otherwise noted.
Issued under: 26 U.S.C. § 1
Length: 160 words · about 1 min to read
Cross-references: cites 0 Code sections and 1 regulation; cited by 1

A new vessel constructed otherwise than under the provisions of title V of the Act, and not purchased from the Administration must, within six months from the date of the construction contract, or within the period of any extension, be completed to the extent of not less than 5 percent as estimated by the Administration and certified by it to the Secretary of the Treasury. In case of a contract covering more than one vessel it will be sufficient if one of the vessels is 5 percent completed within the six months' period from the date of the contract or within the period of any extension, and so certified. All construction must be completed with reasonable dispatch as determined by the Administration. If, for causes within the control of the taxpayer, the entire construction is not completed with reasonable dispatch, the Administration will so certify to the Secretary of the Treasury. For the effect of such certification, see § 2.1-23.