Estate of Shea v. Commissioner
United States Tax Court
A corporate taxpayer purchased a ship and charter for a stated consideration. Following the destruction of the ship, the taxpayer sold the charter. Held, the charter was property "subject to an allowance for depreciation," and its sale produced capital gain under sec. 1231(a), I.R.C. 1954.
1Opinion of the Court
Estate of John F. Shea, Deceased, Grace A. Shea, Executrix, and Grace A. Shea, et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Estate of Shea v. Commissioner
Docket Nos. 2978-68 -- 2984-68
United States Tax Court
57 T.C. 15; 1971 U.S. Tax Ct. LEXIS 44;
October 5, 1971, Filed
Decision will be entered under Rule 50.
A corporate taxpayer purchased a ship and charter for a stated consideration. Following the destruction of the ship, the taxpayer sold the charter. Held, the charter was property "subject to an allowance for depreciation," and its sale produced capital gain under sec.…
2Cases cited17 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
- Commissioner of Internal Revenue v. José FerrerCourt of Appeals for the Second Circuit · 1962
- Fackler v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1943
- Ferrer v. CommissionerUnited States Tax Court · 1961
12 more not listed; retrieve them via the Exa API.