26 USC 1352 – Alternative tax on qualifying shipping activities
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In the case of an electing corporation, the tax imposed by section 11 shall be the amount equal to the sum of—
(1) the tax imposed by section 11 determined after the application of this subchapter, and
(2) a tax equal to—
(A) the highest rate of tax specified in section 11, multiplied by
(B) the notional shipping income for the taxable year.
Terms Used In 26 USC 1352
- taxable year: means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. See 26 USC 7701