26 U.S.C. § 1358
Section 1358 · Allocation of credits, income, and deductions
Amended 2 times on record
Applied in 25 court decisions — leading case United States v. Proprietors of Social Law Library (1939)
Most recently applied in 31 F. Supp. 895 - Mountain Iron Co. v. United States (March 1940)
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
For purposes of this chapter, the qualifying shipping activities of an electing corporation shall be treated as a separate trade or business activity distinct from all other activities conducted by such corporation.
No deduction shall be allowed against the notional shipping income of an electing corporation, and no credit shall be allowed against the tax imposed by section 1352(2).
No deduction shall be allowed for any net operating loss attributable to the qualifying shipping activities of any person to the extent that such loss is carried forward by such person from a taxable year preceding the first taxable year for which such person was an electing corporation.
Section 482 applies in accordance with this subsection to a transaction or series of transactions—
as between an electing corporation and another person, or
as between a person’s qualifying shipping activities and other activities carried on by it.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Amendments
2018—Subsec. (b)(1). Pub. L. 115–141, § 401(a)(188), substituted “section 1352(2)” for “section 1352(a)(2)”.
Subsec. (c)(2). Pub. L. 115–141, § 401(a)(189), substituted “a person’s” for “an person’s”.
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.