Estate of Dupree v. United States
United States Court of Appeals for the Fifth Circuit
391 F.2d 753 (1968)
- Written by Matthew Celestin, JD
Facts
Robert B. Dupree (Robert) and his wife Katherine P. Dupree jointly owned a 15% interest in a limited partnership. Upon Katherine’s death, the Duprees’ son inherited her half of the partnership interest, and Robert obtained a new basis for his half of the partnership interest. In 1960, the partnership sold a motel it owned, and Robert was attributed a capital gain from the sale. The Internal Revenue Service (IRS) (defendant) conducted an audit of Robert’s 1960 return and, without considering Robert’s basis in the partnership, assessed a deficiency based on his gain from the hotel sale. After the audit, in 1963, the partnership’s general partner filed an amended 1960 partnership return, seeking an election under § 754 of the Internal Revenue Code for a special adjustment of the basis of partnership assets pursuant to § 743(b). Robert’s estate (plaintiff) sought a refund for the deficiency paid, arguing in part that a valid election under § 754 had been made. The tax court ruled against Robert’s estate, and Robert’s estate appealed.
Rule of Law
Issue
Holding and Reasoning (Young, J.)
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