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SGRO v. UNITED STATES

No. 79-1236.

609 F.2d 1259 (1979)

Sam P. SGRO, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided December 3, 1979.

Rehearing Denied January 15, 1980.

Attorney(s) appearing for the Case

R. Russell Mather, U.S. Dept. of Justice, Washington, D.C., for defendant-appellant.

Craig A. Randle, Springfield, Ill., for plaintiff-appellee.

Before CUMMINGS and WOOD, Circuit Judges, and CAMPBELL, Senior District Judge.

HARLINGTON WOOD, Jr., Circuit Judge.

We address the question whether a security agreement that grants a sole shareholder a lien on the assets of a close corporation to secure a note made by the purchasers of his interest is a "commercial transactions financing agreement" within the meaning of section 6323(c) of the Internal Revenue Code, 26 U.S.C. § 6323(c) (1976). The relative priority of that lien and a federal tax lien, upon which the Internal Revenue Service...

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