Tonnage taxation: apportionment of tonnage income among co-operators by definite shares; otherwise computed per operator. Where companies operate a qualifying ship by joint interest or use agreement and each company's share is definite and ascertainable, the tonnage income of each company equals its proportionate share; otherwise, where two or more companies are operators, the tonnage income of each is computed as if it were the only operator.
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Provisions expressly mentioned in the judgment/order text.
Tonnage taxation: apportionment of tonnage income among co-operators by definite shares; otherwise computed per operator.
Where companies operate a qualifying ship by joint interest or use agreement and each company's share is definite and ascertainable, the tonnage income of each company equals its proportionate share; otherwise, where two or more companies are operators, the tonnage income of each is computed as if it were the only operator.
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