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APPLEGATE v. C.I.R.

No. 90-3106.

980 F.2d 1125 (1992)

Calvin P. APPLEGATE and Irma Applegate, Petitioners-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided December 7, 1992.

Attorney(s) appearing for the Case

Ronald K. Fellheimer, David J. Babb, Jr. (argued), Fellheimer, Travers & Luckman, Pontiac, Ill., for petitioners-appellees.

Abraham N.M. Shashy, Jr., I.R.S., Gary R. Allen, Charles Bricken (argued), Gilbert S. Rothenberg, Dept. of Justice, Tax Div., Appellate Section, Shirley D. Peterson, Dept. of Justice, Tax Div., Washington, D.C., for respondent-appellant.

Before BAUER, Chief Judge, RIPPLE, Circuit Judge, and FAIRCHILD, Senior Circuit Judge.

FAIRCHILD, Senior Circuit Judge.

The Commissioner of Internal Revenue determined a deficiency in income taxes for 1984, and timely mailed a notice of deficiency to the taxpayers, Irma and Calvin Applegate. The Applegates filed a petition with the Tax Court seeking a redetermination of the deficiency. The Tax Court held that the taxpayers' "price later" contracts, formed in 1984, qualified for installment sales treatment under 26 U.S.C. § 453, as argued by the...

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