May v. Commissioner
United States Tax Court
Deductions -- Nonbusiness Expenses -- Depreciation. -- A large yacht, Sea Cloud, owned and used by petitioner until 1951 was listed for sale with shipbrokers and decommissioned in 1951. Thereafter petitioner did not use the yacht and removed her personal furnishings. The yacht was never offered for charter or chartered. It was sold in 1955. Expenditures were made during the years 1952-1955 for the maintenance and preservation of the yacht.
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Deductions -- Nonbusiness Expenses -- Depreciation. -- A large yacht, Sea Cloud, owned and used by petitioner until 1951 was listed for sale with shipbrokers and decommissioned in 1951. Thereafter petitioner did not use the yacht and removed her personal furnishings. The yacht was never offered for charter or chartered. It was sold in 1955. Expenditures were made during the years 1952-1955 for the maintenance and preservation of the yacht. Held, the yacht was not property held for the production of income within sections 23(a)(2) and 23(l)(2), 1939 Code, and sections 212(2) and 167(a)(2),…
1Opinion of the Court
Marjorie M. P. May, Petitioner, v. Commissioner of Internal Revenue, Respondent
May v. Commissioner
Docket No. 72983
United States Tax Court
35 T.C. 865; 1961 U.S. Tax Ct. LEXIS 212;
March 8, 1961, Filed
Decision will be entered under Rule 50.
Deductions -- Nonbusiness Expenses -- Depreciation. -- A large yacht, Sea Cloud, owned and used by petitioner until 1951 was listed for sale with shipbrokers and decommissioned in 1951. Thereafter petitioner did not use the yacht and removed her personal furnishings. The yacht was never offered for charter or chartered. It was sold in 1955. Expenditures were…
2Cases cited11 opinions
- Leslie v. CommissionerUnited States Tax Court · 1946
- Robinson v. CommissionerUnited States Tax Court · 1943
- Horrmann v. CommissionerUnited States Tax Court · 1951
- Gale v. CommissionerUnited States Tax Court · 1949
- Gale v. Commissioner of Internal Revenue. Commissioner of Internal Revenue v. GaleCourt of Appeals for the Second Circuit · 1951
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