Norfolk Southern Corp. v. Commissioner

Affirmed by published opinion. Judge NIEMEYER wrote the opinion, in which Chief Judge WILSON and Judge JONES joined.

OPINION

NIEMEYER, Circuit Judge:

Section 48(a)(2)(B)(v) of the Internal Revenue Code (1962) provides for an investment tax credit for cargo containers “used in the transportation of property to and from the United States.” The taxpayers argue that the phrase “used in the transportation of property to and from the United States” includes not only containers actually so used but also containers outside the United States held available for such use. The Tax Court disagreed and held,…