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NATIONAL BULK CARRIERS, INC. v. UNITED STATES

Nos. 14483, 14484.

331 F.2d 407 (1964)

NATIONAL BULK CARRIERS, INC., Appellant, v. UNITED STATES of America. NATIONAL BULK CARRIERS, INC., v. UNITED STATES of America, Appellant.

United States Court of Appeals Third Circuit.

Decided May 8, 1964.

Attorney(s) appearing for the Case

Myron Semmel, New York City, (Chase & Bierman, New York City, Richards, Layton & Finger, Wilmington, Del., on the brief), for appellant in No. 14,483.

Sherman L. Cohn, Dept. of Justice, Washington, D. C., (John W. Douglas, Asst. Atty. Gen., John B. Jones, Jr., Acting Asst. Atty. Gen., Stephen B. Swartz, Lee A. Jackson, I. Henry Kutz, David I. Granger, Attys., Dept. of Justice, Washington, D. C., Alexander Greenfeld, U. S. Atty., on the brief), for appellant in No. 14,484.

David I. Granter, Dept. of Justice, Washington, D. C., for appellee in No. 14,483.

Myron Semmel, New York City, for appellee in No. 14,484.

Before STALEY, GANEY and SMITH, Circuit Judges.

STALEY, Circuit Judge.

The primary question posed by these appeals is whether the district court correctly determined the cost basis for tax purposes of three vessels purchased by the plaintiff from the United States, the prices of which were adjusted pursuant to the Merchant Ship Sales Act of 1946, 50 U.S.C.Appendix, §§ 1735-1746 (1958 ed.). The district court held that the cost basis of these vessels is their "statutory sales price" as computed under the...

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