Charter Fees definition
Examples of Charter Fees in a sentence
If the owner fails to deliver the yacht at the Port of Delivery at the commencement of the Charter Period, owner may offer to the charterer for the same Charter Period and Charter Fees another yacht to the yacht initially agreed to in regard to size, comfort and services.
Eagle Group is a PFIC, only if the Charter Fees are treated for such purposes as “rents.” We are not aware of any definitive authority addressing the tax characterization for purposes of Code section 1297(a) of fees derived by a foreign corporation from the time and voyage chartering of its vessels.
A substantial line of authority interpreting the definition of the term “rents” for purposes of the statutory provisions relating to subchapter S corporations (“S corporations”) also supports treatment of the Charter Fees as services income, rather than as rental income, for federal income tax purposes.
Code Section 512(b)(3) The tax treatment of the Charter Fees as income derived by the Subsidiaries from their performance of services, rather than rents, is also supported by the authority under Code section 512(b)(3).
Fuel, port calls and other charges accruing during the period where Company is not liable to pay the Charter Fees in accordance with the terms of this Agreement shall be charged to Owners' Account.
The Chapter Treasurer shall be responsible for the payment of all bills and expenses including Chapter Charter Fees to the National Executive Board on a quarterly basis.
The OWNER shall make a pro rata return of total Charter Fees to the CHARTERER from the time of such loss or damage to the end of the Charter.
As in the case of the taxpayer in Revenue Ruling 81-197, at all times during a time or voyage charter of a ship, the ship owner is in “possession, command and control” of the vessel.20 Even more compelling support for treating the Charter Fees as services income is found in the reliance in GCM 38525 on the holding and rationale of Revenue Ruling 74-170, supra.
The COMPANY shall make a pro rata return of all Charter Fees to the CHARTERER from the time of such loss or damage.
The COMPANY may retain all Charter Fees once the charter has commenced, or in accordance with the cancellation policy specified herein.