Internal Revenue Code · 26 U.S.C.
§ 1354. Alternative tax election; revocation; termination
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 1354
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Added
- October 22, 2004 by Pub. L. 108–357
- Last amended
- July 31, 2015 by Pub. L. 114–41
- Amendments
- 2 dated changes in the source credit
- Length
- 5 subsections · 448 words · about 2 min to read
- Cross-references
- cites 0; cited by 1 Code section and 0 other regulations
If the revocation specifies a date for revocation which is on or after the day on which the revocation is made, the revocation shall be effective for taxable years beginning on and after the date so specified.
If a qualifying vessel operator has made an election under subsection (a) and if such election has been terminated under subsection (d), such operator (and any successor operator) shall not be eligible to make an election under subsection (a) for any taxable year before its 5th taxable year which begins after the 1st taxable year for which such termination is effective, unless the Secretary consents to such election.
(Added Pub. L. 108–357, title II, § 248(a), Oct. 22, 2004, 118 Stat. 1451; amended Pub. L. 109–135, title IV, § 403(g)(4), Dec. 21, 2005, 119 Stat. 2624; Pub. L. 114–41, title II, § 2006(a)(2)(C), July 31, 2015, 129 Stat. 457.)
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
Cited by 1 Code section
Amendment history
From the source credit and the official notes, newest first.
- Amended by Pub. L. 114–41Parts changed in 2015: (d)(1)(B)(i)
- Amended by Pub. L. 109–135Parts changed in 2005: (b)
- Added by Pub. L. 108–357
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter R Election To Determine Corporate Tax on Certain International Shipping Activities Using Per Ton Rate
Nearby sections
- § 1352 Alternative tax on qualifying shipping activities
- § 1353 Notional shipping income
- § 1354 Alternative tax election; revocation; termination
- § 1355 Definitions and special rules
- § 1356 Qualifying shipping activities
- § 1357 Items not subject to regular tax; depreciation; interest
- § 1358 Allocation of credits, income, and deductions
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Editorial Notes
Amendments
2015—Subsec. (d)(1)(B)(i). Pub. L. 114–41 substituted “4th month” for “3d month”.
2005—Subsec. (b). Pub. L. 109–135 inserted “on or” after “only if made” in concluding provisions.
Statutory Notes and Related Subsidiaries
Effective Date of 2015 Amendment
Amendment by Pub. L. 114–41 applicable to returns for taxable years beginning after Dec. 31, 2015, with special rule for certain C corporations, see section 2006(a)(3) of Pub. L. 114–41, set out as a note under section 170 of this title.
Effective Date of 2005 Amendment
Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.
Effective Date
Section applicable to taxable years beginning after Oct. 22, 2004, see section 248(c) of Pub. L. 108–357, set out as an Effective Date of 2004 Amendments note under section 56 of this title.