[WSBARP] guarantee of commercial loan

[Roger Hawkes]

Clients are a small group who purchase a small building with a bank loan.  Some partners officially guaranteed the loan by signing personal guarantees.  Some partners did not sign any such guarantees but promised the other partners to pony up their pro rata share if the guarantors ever had to pay.  Do the verbal guarantors get a portion of the basis assigned to them?  Any cite to code or cfr or revenue ruling would be appreciated.

Roger Hawkes, WSBA 5173
19909 Ballinger Way NE
Shoreline, WA 98155
www.hawkeslawfirm.com<http://www.hawkeslawfirm.com/>
206 367 5000 voice
206 367 4005  fax

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