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UNITED STATES v. MOTORLEASE CORPORATION

No. 232, Docket 28470.

334 F.2d 617 (1964)

UNITED STATES of America, Appellant, v. The MOTORLEASE CORPORATION, Appellee.

United States Court of Appeals Second Circuit.

Decided July 15, 1964.

Attorney(s) appearing for the Case

William A. Friedlander, Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Dept. of Justice, Washington, D. C., and Robert C. Zampano, U. S. Atty., District of Connecticut, New Haven, Conn., and F. Owen Eagan, Hartford, Conn., on the brief), for appellant.

Norris L. O'Neill, Hartford, Conn., for appellee.

Ellis Lyons, Perlman, Lyons & Emmerglick, Washington, D. C., and Jess S. Raban, Chicago, Ill., for Automotive Leasing Assn. as amicus curiae.

Before LUMBARD, Chief Judge, and WATERMAN and MARSHALL, Circuit Judges.

LUMBARD, Chief Judge:

The question presented is whether a taxpayer may take a depreciation deduction for the year of sale of a depreciable asset in excess of the amount by which the adjusted basis of the asset at the beginning of the year of sale exceeds the amount realized upon the sale. In other words, may a taxpayer, for example, claim depreciation in excess of $250 when the adjusted basis of the asset at the beginning...

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