1. Waterman S.S. Corp. v. United States, No. 245, SUPREME COURT OF THE UNITED STATES, April 26-27, 1965, Argued , May 17, 1965, Decided
OVERVIEW: Buyer, who had purchased ships built by the U.S. and who later obtained a downward adjustment on the purchase price under § 9 of the Merchant Ship Sales Act of 1946, 50 U.S.C.S. app. § 1742, was not entitled to a tax refund. Under the Act, buyer's real cost was the statutory sales price, therefore, that price was its proper depreciation basis.
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