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IN RE VAUGHAN

No. 82-5549.

719 F.2d 196 (1983)

In re George Franklin VAUGHAN, Jr., Debtor. UNITED STATES of America, Plaintiff-Appellee, v. George Franklin VAUGHAN, Jr., Defendant-Appellant.

United States Court of Appeals, Sixth Circuit.

Decided October 19, 1983.

Attorney(s) appearing for the Case

Louis DeFalaise, U.S. Atty., Miles H. Franklin, Asst. U.S. Atty., Lexington, Ky., Glenn L. Archer, Jr. [Lead], Asst. Atty. Gen., Michael L. Paup, Chief, Appellate Section, Richard Farber (Elaine F. Ferris, argued), Justice Dept. Tax. Division, Washington, D.C., for plaintiff-appellee.

William L. Montague, argued, Stoll, Keenon & Park, Lexington, Ky., for defendant-appellant.

Before EDWARDS and CONTIE, Circuit Judges, and SPIEGEL, District Judge.

SPIEGEL, District Judge.

George Vaughan, the debtor, appeals a district court order holding that payments which he made to corporate creditors pursuant to a guaranty agreement are deductible as nonbusiness bad debts, 26 U.S.C. § 166(d), rather than as losses incurred in a transaction entered into for profit, though not connected with a trade or business, 26 U.S.C. § 165(c)(2).1 The district court, 21 B.R. 695<...

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