LEDFORD v. UNITED STATES

No. 72-2352.

492 F.2d 1186 (1974)

John M. LEDFORD et al., Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

February 20, 1974.


Attorney(s) appearing for the Case

Timothy R. Nibler, of Lerrigo, Thuesen, Smith, Walters & Nibler, Fresno, Cal., for plaintiffs-appellants.

Scott P. Crampton, Asst. Atty. Gen., Washington, D. C., Richard V. Boulger, Asst. Atty. Gen., Fresno, Cal., for defendant-appellee.

Before MERRILL, WRIGHT and CHOY, Circuit Judges.


PER CURIAM:

We agree with the District Court that the purchasers here assumed the loan secured by trust deed during the year 1966, and that under § 453(b)(2)(A)(ii) of the Internal Revenue Code of 1954 and Treasury Regulation § 1.453-4(c) reporting of the sale on the installment method was not available to appellants as sellers.

The record indicates that the escrow agreement provided that the purchasers were to assume the mortgage as a condition...

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