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of <h1>Understanding Profit Calculation for Qualifying Ships: Tonnage Income, Deductions, and Rules Explained Under Section 10</h1> The Tenth computation of profits for businesses operating qualifying ships. Profits are calculated using a formula: A + B - C, where A is the total tonnage income, B is specified amounts, and C is negative profit from the previous year. Tonnage income is based on daily rates, varying with ship size. Profits are deemed nil if negative. Deductions and asset values are calculated as if depreciation and allowances were claimed. Rules govern the tonnage income scheme, including opting in, exclusions, and preventing abuse. Definitions clarify terms like qualifying ship, core activities, and management location.
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