Qualifying Vessel Law and Legal Definition

According to 26 USCS § 1355 [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes And Surtaxes; Subchapter R. Election To Determine Corporate Tax On Certain International Shipping; Activities Using Per Ton Rate], the term "qualifying vessel" means "a self-propelled (or a combination self-propelled and non-self-propelled) United States flag vessel of not less than 6,000 deadweight tons used exclusively in the United States foreign trade during the period that the election under this subchapter [26 USCS § 1352 et seq.] is in effect."