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MAY v. COMMISSIONER

Docket No. 72983.

35 T.C. 865 (1961)

MARJORIE M. P. MAY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed March 8, 1961.

Attorney(s) appearing for the Case

Ewing Everett, Esq., and James M. Snee, Esq., for the petitioner.

Sheldon Seevak, Esq., for the respondent.

The Commissioner determined income tax deficiencies for the years 1952-1955 as follows: 1952, $45,931.93; 1953, $25,361.01; 1954, $75,569.08; 1955, $19,888.19. Petitioner's private yacht was sold in 1955. The issue is whether the yacht was "property held for the production of income" in the taxable years so that expenditures for conservation and maintenance are deductible under sections 23(a) (2) and 212(2), and allowances for depreciation are deductible under sections 23...

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