---
kind: "section"
citation: "46 C.F.R. § 287.27"
title: "46"
number: "287.27"
heading: "Controlled corporation."
url: "https://uscodex.org/cfr/46/287.27"
---

# §287.27. Controlled corporation.


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.


## Notes

### Authority

Authority: Secs. 204, 511, 49 Stat. 1987, as amended, 54 Stat. 1106, as amended; 46 U.S.C. 1114, 1161.

### Source

Source: General Order 38 (2d Rev.), 30 FR 7215, May 29, 1965; 30 FR 8162, June 25, 1965, unless otherwise noted.