Court Opinion

ID: 9452542
Source: CourtListenerOpinion
Date Created: 2023-08-04 17:43:47.876865+00
Date Added: 2024-06-11T17:33:15.553182
License: Public Domain

ON PETITION FOR REHEARING
PER CURIAM.
The government now argues that, since the estate is entitled to calculate its basis as if it had purchased the note for its fair market value at the date of the decedent’s death, the decedent should be treated as having sold the note then, thus realizing income to the extent that the “selling price” exceeded his basis. But in this context “purchase” is merely metaphor, describing in more familiar terms the effect on the estate of the special basis rule of section 1014. No section of the Code requires hypostasis of the metaphor to justify treating the sequence of death and inheritance as if it were in all respects a sale.
Petition denied.