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WILLIAMS v. C.I.R.

No. 92-3691.

1 F.3d 502 (1993)

Lloyd E. WILLIAMS, Jr. and Mildred A. Williams, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided July 23, 1993.

Rehearing and Suggestion for Rehearing Denied August 31, 1993.

Attorney(s) appearing for the Case

J. Gordon Hansen (argued), Scott R. Carpenter, Parsons, Behle & Latimer, Salt Lake, UT, for petitioners-appellants.

Gary R. Allen, Teresa McLaughlin, Sara S. Holderness (argued), Dept. of Justice, Tax Div., Appellate Section, Washington, DC, for respondent-appellee.

Before POSNER and COFFEY, Circuit Judges, and ESCHBACH, Senior Circuit Judge.

Rehearing and Suggestion for Rehearing En Banc Denied August 31, 1993.

POSNER, Circuit Judge.

Section 483 of the Internal Revenue Code, before it was amended in 1984, provided that if the first installment of the price for a purchase was not due for more than six months, the purchaser could pretend that he had borrowed the amount of the installment from the seller and could compute — and when he finally paid...

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