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MARSHALL v. UNITED STATES

No. 2922-SD.

241 F.Supp. 30 (1964)

James H. MARSHALL and Thelma Marshall, Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court S. D. California, S. D.

September 30, 1964.

Attorney(s) appearing for the Case

Harlan F. Harmsen of Driscoll, Harmsen & Wilkins, San Diego, Cal., for plaintiffs.

Francis C. Whelan, U. S. Atty., Los Angeles, Cal., by Loyal E. Keir and Herbert D. Sturman, Asst. U. S. Attys., Los Angeles, Cal., for the United States.

JAMES M. CARTER, District Judge.

The case was presented for decision on an agreed statement of facts.

It raises a question heretofore undecided, namely —

Whether the assumption by the purchaser of the accounts payable of the plaintiffs-sellers' business constituted "payments actually received in that year" of sale under Section 453 of the Internal Revenue Code of 1954?

FACTS

Plaintiffs, husband and wife, were engaged in an...

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