[WSBARP] guarantee of commercial loan

[Roger Hawkes]

If I were defending the verbal promisors I would certainly assert that.  and probably win.  The real question though is as between the verbal indemnity promisors and the IRS; if they assert their share of basis, what would the IRS do?

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

From: Ralph Maimon [mailto:rmaimon at maimonlaw.com]
Sent: Friday, February 23, 2018 8:02 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>; 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>; 'Business Law Section' <business-law-section at list.wsba.org>
Subject: Re: [WSBARP] guarantee of commercial loan

Doesn't the statute of frauds apply here, roger? But there are ways to avoid it.

Get Outlook for iOS<https://aka.ms/o0ukef>
________________________________
From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> on behalf of Roger Hawkes <Roger at law-hawks.com<mailto:Roger at law-hawks.com>>
Sent: Thursday, February 22, 2018 5:01:28 PM
To: 'WSBA Real Property Listserv'; 'Business Law Section'
Subject: [WSBARP] guarantee of commercial loan

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<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.hawkeslawfirm.com_&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=48uCzqbn0A0fuu0Vx7HiXuyvQSYkBeVAtLY41jGTlHo&m=PNfixGKMJ7dpZL0EJ8K45I8oWF2y0YXRcaSB6yHZT9c&s=ULgdDszOdSR_DLhfN0wZT5cXPvV_K3bzRwaSsdFeLAI&e=>
206 367 5000 voice
206 367 4005  fax

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20180224/797e22d3/attachment.html>