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MAY v. C. I. R.

No. 8447.

299 F.2d 725 (1962)

Marjorie M. P. MAY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided February 21, 1962.

Attorney(s) appearing for the Case

Ewing Everett, New York City (James M. Snee, New York City, on brief), for petitioner.

Gilbert E. Andrews, Jr., Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., and Lee A. Jackson and A. F. Prescott, Attys., Dept. of Justice, Washington, D. C., on brief), for respondent.

Before SOBELOFF, Chief Judge, and BRYAN and BELL, Circuit Judges.

ALBERT V. BRYAN, Circuit Judge.

Yacht Sea Cloud when decommissioned, abandoned for personal use and held for sale became, says her owner, taxpayer Marjorie M. P. May, "property held for the production of income".1 Thereafter, she contends, the yearly cost of conservation, maintenance and depreciation of the barque were proper deductions allowable in the computation of her Federal income taxes. While conceding that the law permits such...

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