Title 26-Internal Revenue (This book contains parts 2 to 29) Part CHAPTER I-Internal Revenue Service, Department of the 2 CHAPTER-INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (Continued) EDITORIAL NOTE: IRS published a document at 45 FR 6088, Jan. 25, 1980, deleting statutory sections from their regulations. In Chapter I cross references to the deleted material have been changed to the corresponding sections of the IRS Code of 1954 or to the appropriate regulations sections. When either such change produced a redundancy, the cross-reference has been deleted. For further explanation, see 45 FR 20795, Mar. 31, 1980. Temporary income tax regulations under the Reve- 41 5c Temporary income tax regulations under the Eco- 47 5e Temporary income tax regulations, travel expenses 5f 6a 7 ....... Temporary income tax regulations under the Tax 8 9 Temporary income tax regulations under section 3 156 156 Temporary income tax regulations under the Em- 158 Temporary income tax regulations under the Reve- 179 13 Temporary income tax regulations under the Tax 189 14a Temporary income tax regulations relating to in- 194 Part 15 Page 15a 16 Temporary income tax regulations relating to ex- 201 205 224 16A Temporary income tax regulations relating to the ......... 226 17 ..... Temporary income tax regulations under 26 U.S.C. 233 18 Temporary income tax regulations under the Sub- Estate tax; estates of decedents dying after August 246 Temporary estate tax regulations under the Eco- 447 23 Temporary estate tax regulations under the Reve- 448 24 25 26 27 Temporary estate tax regulations under section 3 28-29 Supplementary Publications: Internal Revenue Service Looseleaf Regulations Sys tem. Additional supplementary publications are issued covering individual parts of the Alcohol, Tobacco and Firearms Regulations, and Regulations Under Tax Convention. 31, 1939, or the construction of which has been financed under titles V or VII of this Act, as amended, or the construction of which has been aided by a mortgage insured under title XI of this Act as amended; and (3) either (A) of such type, size, and speed as the Commission shall determine to be suitable for use on the high seas or Great Lakes in carrying out the purposes of this Act, but not of less than 2,000 gross tons or of less speed than twelve knots, unless the Commission shall determine and certify in each case that a vessel of a specified lesser tonnage or speed is desirable for use by the United States in case of war or national emergency, or (B) constructed to replace a vessel or vessels requisitioned or purchased by the United States. (b) For the purpose of promoting the construction, reconstruction, reconditioning, or acquisition of vessels, or for other purposes authorized in this section, necessary to carrying out the policy set forth in title I of this Act, any citizen of the United States who is operating a vessel or vessels in the foreign or domestic commerce of the United States or in the fisheries or owns in whole or in part a vessel or vessels being so operated, or who, at the time of purchase or requisition of the vessel by the Government, was operating a vessel or vessels so engaged or owned in whole or in part a vessel or vessels being so operated or had acquired or was having constructed a vessel or vessels for the purpose of operation in such commerce or in the fisheries, may establish a construction reserve fund, for the construction, reconstruction, reconditioning, or acquisition of new vessels, or for other purposes authorized in this section, to be composed of deposits of proceeds from sales of vessels, indemnities on account of losses of vessels, earnings from the operation of vessels documented under the laws of the United States and from services incident thereto, and receipts, in the form of interest or otherwise, with respect to amounts previously deposited. Such construction reserve fund shall be established, maintained, expended, and used in accordance with the provisions of this section and rules or regulations to be prescribed jointly by the Commission and the Secretary of the Treasury. (c) In the case of the sale or actual or constructive total loss of a vessel, if the taxpayer deposits an amount equal to the net proceeds of the sale or to the net indemnity with respect to the loss in a construction reserve fund established under subsection (b), then (1) If the taxpayer so elects in his incometax return for the taxable year in which the gain was realized, or |