WEYERHAEUSER STEAMSHIP COMPANY v. UNITED STATES

No. 2483.

192 F.Supp. 615 (1961)

WEYERHAEUSER STEAMSHIP COMPANY, Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court W. D. Washington, S. D.

March 17, 1961.


Attorney(s) appearing for the Case

Daniel C. Smith, Oliver Malm, Richard K. Quinn, Tacoma, Wash., for plaintiff.

Abbott M. Sellers, Acting Atty. Gen., Lyle M. Turner, Charles H. Magnuson, Dept. of Justice, Washington, D. C., Charles P. Moriarty, U. S. Atty., Seattle, Wash., Charles W. Billinghurst, Asst. U. S. Atty., Tacoma, Wash., for defendant.


BOLDT, District Judge.

The money payments received by plaintiff, on which capital gain tax treatment is claimed, were agreed consideration for plaintiff's commitment to the payors not to apply for transfer foreign of specified liberty ships owned by plaintiff during continuance of a certain ship transfer policy of the United States Maritime Administration. At the time the right to apply for transfer foreign was a valuable incident of the ownership of plaintiff's ships...

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