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URI v. C.I.R.

Nos. 89-9014, 89-9015.

949 F.2d 371 (1991)

Lawrence R. URI, Jr. and Cathaleen T. Uri, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. Stevens J. TOWNSDIN and Renate Townsdin, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Tenth Circuit.

November 18, 1991.

Attorney(s) appearing for the Case

Lawrence R. Uri, Jr., of Paulsen, Buechel, Swenson, Uri & Brewer, Chartered, Concordia, Kan., for petitioners-appellants.

Teresa E. McLaughlin, Tax Div., Dept. of Justice, Washington, D.C. (Shirley D. Peterson, Gary R. Allen, and Richard Farber, Dept. of Justice, with her on the briefs), for respondent-appellee.

Before HOLLOWAY and BALDOCK, Circuit Judges, and GREENE, District Judge.

HOLLOWAY, Circuit Judge.

The issue in these consolidated appeals is whether a shareholder in a subchapter S corporation who personally guarantees a bank loan to the corporation may increase his or her adjusted basis in the corporation's stock by the prorated amount of the guarantee in order to increase the available loss deduction under the applicable version of I.R.C. § 1374. In the cases before us, the Tax Court approved the Commissioner's disallowance of petitioners...

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