Cohn

Memorandum to Counsel

This is an action by the plaintiff to recover $2,398.57 allegedly overpaid income tax for the year 1945! In his tax returns filed for the year 1945, plaintiff did not claim any depreciation on the yacht Jobella. In his claim for refund plaintiff contends this was an error, and that upon allowance of an amount for depreciation, recomputation of his tax will result in his being entitled to recovery of $2,398.57 taxes paid.

The claim for overpayment raises the issue as to the ownership of the yacht Jobella during the year 1945.

On December 31, 1941, at the outbreak •of World War II, plaintiff turned over his yacht Jobella to the U. S. Maritime Commission. Its receipt for the vessel states that The Jobella was “requisitioned” by the U. S. Maritime Commission pursuant to Sec. 902 of the Merchant Marine Act of 1936, as amended, 46 U.S.C.A. § 1242 . The vessel was physically returned to the owner’s possession on August 5, 1946. Intervening acts of the parties and enactment on May 18, 1944 of Public Law 305, 78th Congress, 50 U.S.C.A.Appendix, §§ 1301-1304 are determinative of the relationship existing between the parties and the ownership of The Jobella during…