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FRIBOURG NAV. CO. v. COMMISSIONER

No. 23.

383 U.S. 272 (1966)

86 S.Ct. 862

15 L.Ed.2d 751

FRIBOURG NAVIGATION CO., INC. v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided March 7, 1966.

Attorney(s) appearing for the Case

James B. Lewis argued the cause for petitioner. With him on the briefs were Simon H. Rifkind and Ernest Rubenstein.

Jack S. Levin argued the cause for respondent. With him on the brief were Acting Solicitor General Spritzer, Acting Assistant Attorney General Roberts and Harry Baum.

Briefs of amici curiae, urging reversal, were filed by Ellis Lyons and Jess S. Raban for the American Automotive Leasing Association, and by Leland W. Scott for S & A Co.

MR. CHIEF JUSTICE WARREN delivered the opinion of the Court.

The question presented for determination is whether, as a matter of law, the sale of a depreciable asset for an amount in excess of its adjusted basis at the beginning of the year of sale bars deduction of depreciation for that year.

On December 21, 1955, the taxpayer, Fribourg Navigation Co., Inc., purchased the S. S. Joseph Feuer, a used Liberty...

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