net indemnity
Defined in 1 place of the United States Code.
Definitions.—In this section, the terms “net proceeds” and “net indemnity” mean the sum of—
(1) the adjusted basis of the vessel; and
(2) the amount of gain the taxpayer would recognize without regard to this section.
Source
- 2006–present46 U.S.C. § 53306Shipping · Recognition of gain for tax purposes · in this section