Gilman

Taxes; income tax; investment tax credit; Merchant Marine Act of 1936; effect of qualified withdrawals on the amount of investment tax credit available on a qualified vessel; investment tax credit recapture. — On February 22, 1980 the court entered the following order:

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

This is an action1 for the recovery of an alleged overpayment by Bert and Eileen Gilman of federal income *662taxes in the amount of $7,502 for the year 1974, plus assessed and statutory interest thereon.2

At the beginning of 1974, plaintiffs owned 250 shares of the common…