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Sec. 1352. Alternative Tax On Qualifying Shipping Activities

In the case of an electing corporation, the tax imposed by section 11 shall be the amount equal to the sum of—
I.R.C. § 1352(1)
the tax imposed by section 11 determined after the application of this subchapter, and
I.R.C. § 1352(2)
a tax equal to—
I.R.C. § 1352(2)(A)
the highest rate of tax specified in section 11, multiplied by
I.R.C. § 1352(2)(B)
the notional shipping income for the taxable year.
(Added by Pub. L. 108-357, title II, Sec. 248(a), Oct. 22, 2004, 118 Stat. 1418.)
BACKGROUND NOTES
EFFECTIVE DATE
Effective for taxable years beginning after the date of the enactment of this Act [Oct. 22, 2004.]