Ruling on Permanently Moored Maming Vessel

Tuesday, February 22, 2005
In an unpublished decision, the U.S. Court of Appeals for the Fifth Circuit ruled that a gaming vessel is tangible personal property for purposes of Mississippi tax law. In the instant case, a shipyard converted a barge into a gaming vessel. After the work was completed and the shipyard was paid, the shipyard filed for bankruptcy under Chapter 11 of the Bankruptcy Code. The Mississippi State Tax Commission asserted that taxes should be paid on monies received for work on the gaming vessel. Under Mississippi law, taxes are due on a percentage of monies earned with certain exceptions. One of the exceptions relates to constructing, repairing, or adding to personal property. The district court held that, since the gaming vessel was permanently moored, it became an extension of the land and, thus, the work was taxable. The appellate court reversed, ruling that the gaming vessel did not lose its identity as tangible personal property when it was permanently moored. In the Matter of Superior Boat Works, Inc., No. 04-60296 (5th Cir., February 16, 2005) (HK Law)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Daewoo Shipbuilding: $1.4 bln order Cancelled

Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion)

Gener8 Maritime Net Income Up 91%

Announcing its financial results today for the three and six months ended June 30, 2016 Gener8 Maritime, Inc. reported net income of $38.0 million, or $0.46 basic and diluted earnings per share,

Education/Training

Mozambique Workshop Supports Seafarer Training and Assessment

An International Maritime Organization (IMO)-led workshop in Maputo, Mozambique is supporting countries in south-eastern Africa in implementing the STCW (Standards of Training,

Maersk Training Bullsh on India

Maersk Training, part of the Denmark based A.P. Moller-Maersk, is betting on the Indian training centre, reports the Hindu. India is one of the 10 Centre’s that is making profits.

Safety and Preparation on the Brownwater Radar

Weather Channel Forecasters are predicting a “near-average” hurricane season for 2016, but warn that an average season does not mean businesses and residents shouldn’t prepare for the worst.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0784 sec (13 req/sec)