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NATIONAL BULK CARRIERS, INC. v. UNITED STATES

Civ. A. No. 2010.

214 F.Supp. 585 (1963)

NATIONAL BULK CARRIERS, INC., Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court D. Delaware.

February 5, 1963.

Attorney(s) appearing for the Case

John E. Lewis, of Richards, Layton & Finger, Wilmington, Del., Myron Semmel, New York City, and David Boyd Chase of Chase & Bierman, New York City, of counsel, for plaintiff.

Alexander Greenfeld, U. S. Atty., Stanley C. Lowicki, Asst. U. S. Atty., Wilmington, Del., Louis F. Oberdorfer, Asst. Atty. Gen., Tax Division, Edward S. Smith, Philip H. Miller, Theodore D. Peyser, Jr., Attys., and Lawrence F. Ledebur, Atty., Admiralty and Shipping Section, Dept. of Justice, Washington, D. C., of counsel, for defendant.

CALEB M. WRIGHT, Chief Judge.

This is a timely suit for tax refund. The question presented is the proper basis for depreciation and for the computation of gain in the sale of certain vessels purchased by the plaintiff, National Bulk Carriers, from the United States Maritime Commission. The facts are stipulated and the relevant ones may be summarized as follows:

On October 6, 1944, plaintiff purchased the seagoing tank vessels "Phoenix" and "Nashbulk" from...

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