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of <h1>Tonnage tax assets depreciation and capital gains treatment: allocation formulas, separate asset blocks, and usage-based depreciation</h1> Depreciation for tonnage tax assets is determined by apportioning the written down value of existing ship asset blocks between qualifying and other assets using prescribed ratio formulas, and the resulting qualifying assets form a separate block with depreciation treated as if brought forward from the preceding year. When an asset moves between tonnage tax and non-tonnage tax use, an appropriate portion of written down value is reallocated between blocks using specified formulas, and depreciation for that year is apportioned by days of use for each purpose. Capital gains on transfers of qualifying assets are taxable and computed under the capital gains provisions with the written down value of the qualifying block substituted for the general block value. 'Book written down value' is defined as the written down value as per books of account.
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