Qualified Vessel [Internal Revenue] Law and Legal Definition

Pursuant to 26 CFR 3.11 (2) [Title 26 Internal Revenue; Chapter I Internal Revenue Service, Department of the Treasury; Subchapter A Income Tax; Part 3 Capital Construction Fund], the term Qualified Vessel means “any vessel--

(i) Constructed in the United States and, if reconstructed, reconstructed in the United States,

(ii) Documented under the laws of the United States, and

(iii) Which the person maintaining the fund agrees with the Secretary of Commerce will be operated in the U.S. foreign, Great Lakes, or noncontiguous domestic trade or in the fisheries of the United States.”