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ELAM v. C. I. R.

No. 72-1836.

477 F.2d 1333 (1973)

Nelson C. and Adele B. ELAM, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Sixth Circuit.

May 22, 1973.

Attorney(s) appearing for the Case

William E. Martin, Nashville, Tenn., for petitioners-appellants ; William Waller, Nashville, Tenn., on brief ; Waller, Lansden, Dortch & Davis, Nashville, Tenn., of counsel.

Murray S. Horwitz, Tax Division, Dept. of Justice, for respondent-appellee ; Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Grant W. Wiprud, Attys., Tax Division, Dept. of Justice, Washington, D. C., on brief ; Lee H. Henkel, Jr., Chief Counsel, IRS, Washington, D. C., of counsel.

Before WEICK and EDWARDS, Circuit Judges, and WILSON, District Judge.

PER CURIAM :

This is an appeal from a decision of the United States Tax Court disallowing a deduction for the reinvestment of the proceeds from the sale of the taxpayers' home. The contention is made by the taxpayers that the Tax Court misconstrued Section 1034 of the Internal Revenue Code of 1954 (26 U.S.C. § 1034) by not allowing a reinvestment deduction to the extent that the gain from a home sale was reinvested within 18 months in the construction of a guest...

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