§ 2.1-27. Controlled corporation.
64 words·~1 min read·
/us/cfr/t26/s§ 2.1-27·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purpose of section 511 of the Act and the regulations in this part a new vessel is considered as constructed, reconstructed, reconditioned, or acquired by the taxpayer if constructed, reconstructed, reconditioned, or acquired by a corporation at a time when the taxpayer owns not less than 95 percent of the total number of shares of each class of stock of the corporation.