[WSBARP] guarantee of commercial loan
Jim Hoff
listserv at corelaw.com
Mon Feb 26 14:26:46 PST 2018
26 CFR 1.752-1 - Treatment of partnership liabilities includes the following
definition for purposes of section 752:
(4)(ii)Obligation. For purposes of this paragraph and § 1.752-7, an
obligation is any fixed or contingent obligation to make payment without
regard to whether the obligation is otherwise taken into account for
purposes of the Internal Revenue Code. Obligations include, but are not
limited to, debt obligations, environmental obligations, tort obligations,
contract obligations, pension obligations, obligations under a short sale,
and obligations under derivative financial instruments such as options,
forward contracts, futures contracts, and swaps.
Dont have an immediate answer to the more general question of what written
records are required by the IRS to establish an obligation, however.
James B. Hoff
CoRE Law, PLLC
3030 W. Commodore Way, Suite A-302
Seattle, WA 98199
Telephone: (206) 443-1616
Fax: (206) 443-2626
Mobile: (206) 465-1000
Email: <mailto:jhoff at corelaw.com> jhoff at corelaw.com
Website: <http://www.corelaw.com/> www.corelaw.com
From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Roger Hawkes
Sent: Saturday, February 24, 2018 8:09 AM
To: 'WSBA Real Property Listserv'
Subject: Re: [WSBARP] guarantee of commercial loan
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
Doesnt 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 <wsbarp-bounces at lists.wsbarppt.com>
on behalf of Roger Hawkes <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=48uCzqbn0A0fuu0Vx7H
iXuyvQSYkBeVAtLY41jGTlHo&m=PNfixGKMJ7dpZL0EJ8K45I8oWF2y0YXRcaSB6yHZT9c&s=ULg
dDszOdSR_DLhfN0wZT5cXPvV_K3bzRwaSsdFeLAI&e=>
206 367 5000 voice
206 367 4005 fax
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