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FIRST NAT. BANK IN ALBUQUERQUE v. C.I.R.

No. 89-9011.

921 F.2d 1081 (1990)

FIRST NATIONAL BANK IN ALBUQUERQUE, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Tenth Circuit.

December 19, 1990.

Attorney(s) appearing for the Case

John A. Budagher, Albuquerque, N.M., for petitioner-appellant.

William A. Whitledge (Peter K. Scott, I.R.S., Jonathan S. Cohen, Gary R. Allen, Janet Kay Jones, and Shirley D. Peterson, U.S. Dept. of Justice, Tax Div., Washington, D.C., with him on the briefs), for respondent-appellee.

Before LOGAN, ANDERSON and EBEL, Circuit Judges.

STEPHEN H. ANDERSON, Circuit Judge.

The First National Bank in Albuquerque ("First National" or "Bank") appeals from a decision of the United States Tax Court holding that the Bank realized taxable income in 1980 as the result of a disposition of an installment obligation within the meaning of § 453(d) of the Internal Revenue Code of 1954 ("Code"). We affirm on the basis of §§ 453(a) and (b) of the Code because the installment obligation was paid in...

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