1. Home
  2. Browse Decisions
  3. F.2d
  4. 371 F.2d
  5. 371 F.2d 528 (1967)
 

SEAS SHIPPING COMPANY v. C. I. R.

No. 72, Docket 30392.

371 F.2d 528 (1967)

SEAS SHIPPING COMPANY, Inc., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided January 16, 1967.

Attorney(s) appearing for the Case

John Logan O'Donnell, New York City (Roger Noall, Donald F. Johnston, Jr., and Olwine, Connelly, Chase, O'Donnell & Weyher, New York City, on the brief), for petitioner.

Loring W. Post, Dept. of Justice, Washington, D.C. (Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson, and Harry Baum, Dept. of Justice, Washington, D.C., on the brief), for respondent.

Before FRIENDLY, SMITH and ANDERSON, Circuit Judges.

ANDERSON, Circuit Judge:

On March 1, 1957, the taxpayer, Seas Shipping Company, Inc., sold ten ships to Moore-McCormack Lines, Inc. [hereafter Mooremac] for $5,466,668 in cash and notes and 300,000 shares of Mooremac stock. In computing the amount realized from the sale, the taxpayer assigned a fair market value of $19.90 per share to the Mooremac stock. Mooremac resold two of the ships during 1957; and in computing its cost...

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases