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Sharp v. United States

United States District Court for the District of Delaware
199 F.Supp. 743 (1961)


Hugh R. Sharp, Jr. and Bayard Sharp (plaintiffs) formed a partnership. In 1946, their partnership purchased an airplane. The total cost of the plane was $54,273.50. The plaintiffs calculated that, over the years, they had used the plane 73.654 percent for personal use and 26.346 percent for business purposes. They determined that they were allowed up to $14,298.90 in depreciation deductions, the equivalent of 26.346 percent of the cost of the plane. During their ownership, the plaintiffs actually claimed depreciation deductions in the amount of $13,777.92. They sold the plane in 1954 for $35,380. The plaintiffs did not report a gain on the sale of the airplane. The government (defendant) determined that the plaintiffs gained $8,800.23 from the sale. The plaintiffs brought suit to recover the amount of tax assessed against them. Both parties moved for summary judgment.

Rule of Law


Holding and Reasoning (Layton, J.)

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