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<p class="MsoNormal">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?<o:p></o:p></p>
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<p class="MsoNormal">Roger Hawkes, WSBA 5173<o:p></o:p></p>
<p class="MsoNormal">19909 Ballinger Way NE<o:p></o:p></p>
<p class="MsoNormal">Shoreline, WA 98155<o:p></o:p></p>
<p class="MsoNormal"><a href="http://www.hawkeslawfirm.com/"><span style="color:blue">www.hawkeslawfirm.com</span></a><o:p></o:p></p>
<p class="MsoNormal">206 367 5000 voice<o:p></o:p></p>
<p class="MsoNormal">206 367 4005 fax<o:p></o:p></p>
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<p class="MsoNormal"><b>From:</b> Ralph Maimon [mailto:rmaimon@maimonlaw.com] <br>
<b>Sent:</b> Friday, February 23, 2018 8:02 PM<br>
<b>To:</b> WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com>; 'WSBA Real Property Listserv' <wsbarp@lists.wsbarppt.com>; 'Business Law Section' <business-law-section@list.wsba.org><br>
<b>Subject:</b> Re: [WSBARP] guarantee of commercial loan<o:p></o:p></p>
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<p class="MsoNormal">Doesn’t the statute of frauds apply here, roger? But there are ways to avoid it.
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Get <a href="https://aka.ms/o0ukef">Outlook for iOS</a><o:p></o:p></p>
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<p class="MsoNormal"><b><span style="color:black">From:</span></b><span style="color:black">
<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a>> on behalf of Roger Hawkes <<a href="mailto:Roger@law-hawks.com">Roger@law-hawks.com</a>><br>
<b>Sent:</b> Thursday, February 22, 2018 5:01:28 PM<br>
<b>To:</b> 'WSBA Real Property Listserv'; 'Business Law Section'<br>
<b>Subject:</b> [WSBARP] guarantee of commercial loan</span> <o:p></o:p></p>
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<p class="MsoNormal">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.<o:p></o:p></p>
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<p class="MsoNormal">Roger Hawkes, WSBA 5173<o:p></o:p></p>
<p class="MsoNormal">19909 Ballinger Way NE<o:p></o:p></p>
<p class="MsoNormal">Shoreline, WA 98155<o:p></o:p></p>
<p class="MsoNormal"><a href="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=">www.hawkeslawfirm.com</a><o:p></o:p></p>
<p class="MsoNormal">206 367 5000 voice<o:p></o:p></p>
<p class="MsoNormal">206 367 4005 fax<o:p></o:p></p>
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