Further research today led me to this audiophile site that acknowledges the Mac OS behaviour. Unfortunately no matter what Mac OS version we are all using, it will be the same. So unless Apple changes this, it will always down convert it. The work-around being what we manually do or use a third-party player that will take control of the core audio settings (which is basically manually changing the format).
"What really matters on a Mac OS is how the player takes control of the settings in core audio of you machine. Open up "Audio- and MIDI-settings" and show the audio window. Play files with different sample rates and bit-depth from iTunes and you will se that core audio doesn't change. That means a sample rate conversion is taking place. Now download and run an app like the BitPerfect and make the same test. You should now observe that the core settings are actively adapted for each and every song you play in iTunes. This is what players like Amarra Music Player, Pure Music and Audirvana also does; they take active control and optimize the core audio settings to avoid any local real-time sample rate conversion."
Source: http://www.2l.no/hires/