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WEAVER v. COMMISSIONER OF INTERNAL REVENUE

No. 79-1587.

647 F.2d 690 (1981)

James H. WEAVER, Jr. and Estate of Betsy M. Weaver, deceased, James H. Weaver, executor, Carl E. Weaver and Elsie S. Weaver, Petitioners-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Sixth Circuit.

Decided April 29, 1981.

Attorney(s) appearing for the Case

M. Carr Ferguson, Michael L. Paup, Asst. Attys. Gen., Helen A. Buckley, Carlton D. Powell, Tax Division, Dept. of Justice, Washington, D. C., Lester Stein, Acting Chief Counsel, Internal Revenue Service, Washington, D. C., for respondent-appellant.

William A. Polster/Barring Coughlin, Thompson, Hine & Flory, Cleveland, Ohio, for petitioners-appellees.

Before WEICK, LIVELY and CORNELIA G. KENNEDY, Circuit Judges.

PER CURIAM.

The only question for decision in this case is whether the taxpayers were entitled to report the sale of stock in a closely-held corporation under the installment method authorized by Section 453 of the Internal Revenue Code. The taxpayers sold their stock in the corporation to irrevocable trusts which they had created. Under the terms of the sale the taxpayers were to be paid in 20 equal annual installments. Shortly thereafter the trusts, as sole shareholders...

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