Jones v. United States
United States Court of Claims
553 F.2d 667 (1977)
- Written by Eric Miller, JD
Facts
Carl Jones, a partner in three firms, died in October 1967. The three partnerships filed income-tax returns for the calendar years 1967 and 1968, but the returns did not contain a § 754 election to adjust the basis of partnership property, nor was an extension of time to file such an election requested. The estate of Carl Jones (the estate) (plaintiff) filed its fiduciary income-tax return for the 1968 fiscal year in February 1969, claiming deductions attributable to a stepped-up basis in the partnership property. The Internal Revenue Service disallowed these deductions due to the lack of a timely § 754 election, which was not filed by the partnerships until August 1969. The estate filed refund claims and initiated an action in the court of claims, arguing that a final determination of the value of Jones’s partnership interest was not possible in the year of death. Both the estate and the United States government (defendant) moved for summary judgment.
Rule of Law
Issue
Holding and Reasoning (Kashiwa, J.)
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