National Bulk Carriers, Inc. v. United States of America. National Bulk Carriers, Inc. v. United States

STALEY, Circuit Judge.

The primary question posed by these-appeals is whether the district court correctly determined the cost basis for tax purposes of three vessels purchased by the plaintiff from the United States, the prices of which were adjusted pursuant to the Merchant Ship Sales Act of 1946, 50 U.S.C.Appendix, §§ 1735-1746 (1958. ed.). The district court held that the cost basis of these vessels is their “statutory sales price” as computed under the Act,, rejecting the plaintiff’s contention that, all of the adjustments and credits referred to in § 9(b) of the statute,…