Definition of ship includes barges and similar vessels under navigation law, shaping statutory classification and tax treatment. The statutory meaning of ship covers every vessel used in navigation not exclusively propelled by oars, expressly including barges. Administrative ... Summary
Definition of ship includes barges and similar vessels under navigation law, shaping statutory classification and tax treatment.
The statutory meaning of ship covers every vessel used in navigation not exclusively propelled by oars, expressly including barges. Administrative guidance in the Income tax Rules classifies ocean going ships and similar craft-dredgers, tugs, barges, survey launches and wooden hulled fishing vessels-within the same category, informing tax depreciation and regulatory classification.
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