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ATLANTIC VENEER CORP. v. C.I.R.

No. 86-2046.

812 F.2d 158 (1987)

ATLANTIC VENEER CORPORATION, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fourth Circuit.

Decided February 20, 1987.

Attorney(s) appearing for the Case

Bertrand Morrison Harding, Jr. (Dennis I. Meyer, Thomas A. O'Donnell, Baker & McKenzie, Washington, D.C., on brief) for petitioner-appellant.

Mary Frances Clark (Roger M. Olsen, Asst. Atty. Gen., Michael L. Paup, David English Carmack, Tax Div., Dept. of Justice, Washington, D.C., on brief) for respondent-appellee.

Before ERVIN and CHAPMAN, Circuit Judges and BUTZNER, Senior Circuit Judge.

CHAPMAN, Circuit Judge:

Taxpayer has appealed the Tax Court's decision, 85 T.C. 1075, upholding the Commissioner's denial of depreciation deductions arising out of taxpayer's interest in a foreign partnership. The Commissioner denied the deductions because taxpayer took the deductions from a stepped-up basis, despite the apparent absence of an election under § 7541, which permits taxpayers pursuant...

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