FRIBOURG NAVIGATION COMPANY, INC. v. COMMISSIONER

Docket No. 88182.

21 T.C.M. 1533 (1962)

T.C. Memo. 1962-290

Fribourg Navigation Company, Inc. v. Commissioner.

United States Tax Court.

Filed December 10, 1962.


Attorney(s) appearing for the Case

James B. Lewis, Esq., 2 Broadway, New York, N. Y., and Theodore Ness, Esq., for the petitioner. Edward H. Hance, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

HARRON, Judge:

The Commissioner determined an income tax deficiency for 1957 in the amount of $71,430.97. The question is whether petitioner is entitled to deduct depreciation of an asset used in its business during most of 1957, which was sold at the end of that year at a profit. The asset was sold for an amount which exceeded its depreciated cost at the beginning of the year. Respondent disallowed depreciation for...

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