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of <h1>Section 225 preserves sections 50 and 53 while treating tonnage/ship option income as business profits for qualifying ship companies</h1> A company operating qualifying ships may elect to compute income under the tonnage/ship provisions and that income is deemed profits and gains of business; the enacted Section 225 mirrors the original bill but adds a parenthetical carve-out preserving the application of sections 50 and 53 to such taxpayers, whereas the bill lacked that exception and included a short explanatory note about the tonnage option. The texts omit definitions, procedural rules, and the substance of sections 50 and 53; taxpayers should review those provisions and the Part's detailed computation rules to assess compliance, elections, and any preserved obligations under the enacted exception.
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