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Bolding v. Commissioner

117 F.3d 270 (1997)

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Bolding v. Commissioner

United States Court of Appeals for the Fifth Circuit

117 F.3d 270 (1997)

Facts

Dennis Bolding (plaintiff) was the president of Three Forks Land & Cattle Company (Three Forks), which he formed as an S corporation for a cattle-ranch venture. Bolding subsequently opened a line of credit in his name to cover operating costs. In obtaining the line of credit, the lender requested only Bolding’s financial information and did not ask for any documentation related to Three Forks. The line of credit was secured by the cattle to be purchased with the funds, and Bolding signed the promissory note, security agreement, and financial statement in his own name without reference to his position as president of Three Forks. The line of credit eventually defaulted, and the lender sued Bolding for repayment. Bolding reported Three Forks’ total loss for 1990 and a carryover loss for 1989 on his individual return. However, the Commissioner of Internal Revenue (the Commissioner) (defendant) assessed a deficiency. The Commissioner determined that the losses reported by Bolding exceeded Bolding’s basis in Three Forks and therefore could not be deducted on his individual return. The tax court agreed with the Commissioner, and Bolding appealed.

Rule of Law

Issue

Holding and Reasoning (Garwood, J.)

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