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UNION CARBIDE FOREIGN SALES CORP. v. COMMISSIONER

Docket Nos. 14641-97, 14642-97, 14643-97, 11119-99.

115 T.C. 423 (2000)

UNION CARBIDE FOREIGN SALES CORPORATION, ET AL., PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed November 8, 2000.

Attorney(s) appearing for the Case

Harold J. Heltzer, Philip F. McGovern, Jerry L. Robinson, and Howard Mark Weinman, for petitioners.

Steven R. Winningham, Joseph F. Long, Carmino J. Santaniello, S. Katy Lin, and Robin L. Peacock, for respondent.

OPINION

GERBER, Judge:

Respondent moved for partial summary judgment on the legal question of whether section 167(c)(2)2 applies to petitioner's3 acquisition of ownership of a previously leased oceangoing vessel. Respondent contends that section 167(c)(2) would require petitioner to allocate to the depreciable asset all of its cost and, further, that petitioner was not entitled to allocate...

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