How to Read IRS Tax Guide for Capital Construction Fund for Commercial Fishermen (Rev. October 2020) MOBI
This publication discusses the Capital Construction Fund (CCF). The CCF is a special investment program administered by the National Marine Fisheries Service (NMFS) and the Internal Revenue Service (IRS). This program allows fishermen to defer paying income tax on certain income they invest in a CCF account and later use to acquire, build, or rebuild fishing vessels. This publication does not discuss all the tax rules that may apply to your fishing trade or business. For general information about the federal tax laws that apply to individuals, including commercial fishermen, who file Schedule C (Form 1040), see Pub. 334, Tax Guide for Small Business. If your trade or business is a partnership or corporation, see Pub. 541, Partnerships, or Pub. 542, Corporations.
