The opinion of the court was delivered by: Christina A. Snyder United States District Judge
[PROPOSED] JUDGMENT AND ORDER OF SALE
Based upon the settlement that was reached by the parties, the papers filed in this case, and all other matters properly made part of the record, IT IS ORDERED:
1. On February 18, 2010, the United States of America filed the Complaint to Reduce Federal Income Tax Assessment to Judgment and Foreclose Federal Tax Lien on Real Property (hereinafter "Complaint").
2. The first cause of action of the Complaint seeks to reduce to judgment an income tax assessment against defendants SEVERO.
3. On the following dates, a delegate of the Secretary of the Treasury made an income tax assessment jointly and severally against defendants SEVERO for the identified tax year and in the amount as follows:
Tax Year Date of Assessment Amount of Assessment 1990 11/18/1991 $63,499.00
4. In addition to the income tax assessed jointly and severally against defendants SEVERO for the 1990 tax year, as set forth in paragraph 3 above, statutory interest, penalties, other debits and collections costs have been assessed and have accrued on such income tax liability, and certain payments, credits and other reversals have been made against such liability, so that the total amount owing for the 1990 tax year as of February 1, 2010, including assessed and accrued interest, penalties, other debits and collection costs, and taking into account all payments, credits and reversals, is as follows:
Unpaid Assessed Accrued Penalties and Interest to Total Liability as of Tax Year February 1, 2010 1990 $46,777.20 $178,100.71 $224,877.91 Balance February 1, 2010
5. Interest and penalties continue to accrue on defendants SEVERO's outstanding liability as allowed by law. After the Order/Judgment filed concurrently herein is entered, interest will continue to accrue pursuant to 28 U.S.C. § 1961(c)(1), until defendants SEVERO's entire outstanding liability for taxable year 1990 is paid in full.
6. The United States of America has a lien on the property and rights to property owned by defendants SEVERO for the amount of the outstanding balance due for taxable year 1990.
7. Defendants SEVERO are personally liable and indebted to the United States of America for their unpaid tax liability for taxable year 1990, including subsequent additions to tax, penalties, and interest as allowed by law, until the liability is paid in full.
8. The balance due to the United States of America for taxable year 1990, plus accrued penalties and interest, may be reduced to judgment against defendants SEVERO.
9. The second cause of action in the Complaint seeks to foreclose the federal tax lien for taxable year 1990 against real property owned by defendants SEVERO.
10. The subject real property is Assessor's Parcel No. 5769-012-007, located in Arcadia, California, and more particularly described as LOT 46 TRACT NO. 11204, IN THE CITY OF ARCADIA, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 197 PAGES 18, 19 AND 20 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
11. The United States of America has a Federal tax lien on all property owned by defendants SEVERO for taxable year 1990.
12. The United States of America has the right to judicially foreclose its Federal tax lien for taxable year 1990 against the real property listed in paragraph 10, above, which is owned by defendants SEVERO.
13. Defendants SEVERO do not oppose judicial foreclosure of the subject real property by the United States of America.
14. The United States of America will stay its right to foreclose upon the subject property for 15 months (450 days) from the date the order is entered to allow defendants SEVERO the opportunity to satisfy their outstanding tax liability.
15. Pursuant to the Order/Judgment filed concurrently herein, the parties agree that the Court may issue an order of ...