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In an unpublished decision, the U.S. Court of Appeals for the Fifth Circuit ruled that a gaming vessel is tangible personal property for purposes of Mississippi tax law.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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Port Firm Fined £650,000 for Health, Safety Breach

A port operator has today (Monday 29 September) pleaded guilty to health and safety breaches, following the deaths of three crew members of a tug which capsized on the River Clyde in 2007.

IMO Takes Step Towards Electronic Certificates

In the future, the IMO member States should accept the use of electronic certificates. This is the request of the Facilitation Committee (FAL) and, hence, the road is paved for less paperwork,

K-Line to Plead Guilty to Price Fixing

Kawasaki Kisen Kaisha Ltd. (K-Line), a Japanese corporation, has agreed to plead guilty and to pay a $67.7 million criminal fine for its involvement in a conspiracy to fix prices,

Education/Training

IRPT, Community College MoA on Maritime Training

The Inland Rivers, Ports and Terminals (IRPT) Trade Association announced today that it has entered into a memorandum of understanding with Lewis & Clark Community

The New Pipeline

Competition in the maritime communications sector is fierce, and ship owners are the winners as service from land-to-sea is becoming faster and cheaper. MR spoke

VADM Hilarides Commander, Naval Sea Systems Command

Vice Adm. William Hilarides, the commander of the Naval Sea Systems Command (NAVSEA), recently spoke to a small group of reporters about his vision for NAVSEA and

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1193 sec (8 req/sec)