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Thanks for identifying it. Of the three vintage bikes I got from my friend this is the one I'm the most excited to restore.

 This was the bike his daughter would ride and I had to negotiate the price with her.
I bought it for $700.

 Anyone happen to have a kick stand for it?

https://www.flickr.com/photos/193579717@N06/51340513828/in/dateposted-public/

Front fender

https://www.flickr.com/photos/193579717@N06/51340289311/in/dateposted-public/

https://www.flickr.com/photos/193579717@N06/51341295800/in/dateposted-public/

https://www.flickr.com/photos/193579717@N06/51341027714/in/dateposted-public/

Frame number is correct. Is it a 1976?
I'm in California so that makes sense about tank saying Ktm.
The 1976 bikes also say world champion?

Ski racer can you post a picture of your 76 mc5?

Hi
 I recently bought a Ktm Mc5 250 from my friend when he moved out of state.
I'm pretty sure it's a 1977 because it has the world champion tank decals.

 Frame number is 550 05468
Gas tank says Ktm not Penton.

Just looking for any kind of information about my bike.

 I was at the local vintage race talking to the guy that puts it on about if I can race with the bikes I have and that was the one bike that caught him off guard when he heard me say it.
 
Is it somewhat rare of a bike?

Thanks