FROM THE OFFICE OF PUBLIC AFFAIRS To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®. December 29, 2004 Treasury Provides Guidance on Today the Treasury Department and the Internal Revenue Service issued guidance on the procedure for making an election to determine corporate tax on income from certain international shipping activities under the new tonnage tax regime. The tonnage tax regime enacted by the American Jobs Creation Act of 2004 allows a corporation that is a qualifying vessel operator to elect to be subject to tax on notional income from qualifying shipping activities rather than on actual income from such activities. An election is effective only if it is made by a corporation that satisfies the specified requirements for eligibility to make the election. The election is available for taxable years beginning after
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