Moore McCormack Resources, Inc.

Taxes; investment tax credit; Merchant Marine Act of 1936; effect of capital reserve fund withdrawals on amount of available investment tax credit; investment tax credit recapture. — On June 6,1980 the court entered the following order:

Before Davis, Judge, Presiding, Kashiwa and Bennett, Judges.

This income tax refund case comes before the court on the parties’ cross-motions for summary judgment. The two issues presented are (1) whether plaintiff1 is entitled to recover on its refund claim and (2) whether defendant is entitled to prevail on the counterclaim it asserts. While there is no…