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Estate of Dupree v. United States
Citation:
391 F.2d 753 (1968)Facts
In 1947, a limited partnership called “Stroud’s Motor Courts” was formed to operate the Park Plaza Motor Court in St. Louis. Robert B. Dupree and his wife owned a 15% limited interest as community property. When Mrs. Dupree died in 1957, her half interest passed to their son, leaving the taxpayer with a 7.5% interest. The taxpayer received a stepped-up basis for his partnership interest under Section 1014(b)(6) of the Internal Revenue Code. The IRS determined the fair market value of the taxpayer’s 7.5% interest to be $71,250.00. In 1960, the partnership sold the motel and distributed the proceeds to the partners. The taxpayer received $42,150.00 in cash and a 7.5% interest in two promissory notes with a face value of $52,500.00, but the second lien note was worth only 50% of its face value. The IRS assessed a deficiency against the taxpayer for a $52,441.31 capital gain from the sale. The taxpayer claimed he should have been allowed an ordinary loss deduction for the difference between his basis in the notes and their actual value.
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