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agreement for the transfer of the receivables existed at those
times. Although the manner in which CVI and CV effected the
sales in issue was not perfect, there are sufficient
circumstances in the record to satisfy us that, based on all of
the factors discussed above, sales did in fact occur prior to the
close of CVI’s relevant taxable years.
CV developed a plan in September 1982 to maintain CVI's
status as a DISC by transferring the receivables to CVI by the
close of CVI’s relevant taxable years. A framework for the
purchase of the receivables was furnished by the master
receivables purchase agreement. In pursuance of the September
1982 plan, CVI transferred funds to CV to purchase the
receivables prior to the close of its relevant taxable years, and
written memorials of the transactions were prepared as soon as
the information necessary to compute the amount of receivables
purchased became available. The witnesses at trial credibly
testified that the written agreements covering the sales in issue
simply memorialized the transactions that had occurred during the
relevant taxable years. CV and CVI documented and accounted for
the transactions in a manner consistent with an intent to effect
sales by the close of CVI’s relevant taxable years. Old Colony
Trust Associates v. Hassett, 150 F.2d 179, 182 (1st Cir. 1945);
Baird v. Commissioner, 68 T.C. at 128; Deyoe v. Commissioner, 66
T.C. 904, 911 (1976); Clodfelter v. Commissioner, 48 T.C. 694,
700-701 (1967), affd. 426 F.2d 1391 (9th Cir. 1970). The record
satisfies us that CV and CVI intended the sales of the qualified
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