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<h1>Election to compute income for qualifying ship operators under this Part; sections 26-54 (except 50 and 53) apply</h1> For a company operating qualifying ships, income from that business may, by election, be computed under the provisions of this Part notwithstanding the provisions of sections 26-54 (except sections 50 and 53); such income is treated as the profits and gains of the business and is chargeable to tax under the head 'Profits and gains of business or profession.'