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Estate of Dupree v. United States

391 F.2d 753 (1968)

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Estate of Dupree v. United States

United States Court of Appeals for the Fifth Circuit

391 F.2d 753 (1968)

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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