¹ “Small Business by the Numbers—Answers to Frequently Asked Questions,” SBA Office of Advocacy (May 2003), available at www.sbaonline.sba.gov/advo/stats/sbfaq.html.

² For convenience, endorsers, indemnitors and others secondarily liable on a debt obligation are referred to in this article as “guarantors.”

³ See Regs. Sec. 1.166-1(a) and -5(a)(2).

⁴ See Regs. Sec. 1.166-8(b); Joint Committee on Taxation, General Explanation of the Tax Reform Act of 1976, p. 158.

⁵ See George A. Butler, 36 TC 1097 (1961), Mantell Davis, 11 TC 538 (1948) and A.L. Stanchfield, TC Memo 1965-305.

⁶ Ida Rosati, TC Memo 1970-343.

⁷ Alfred S.V. Carpenter, 255 FSupp 613 (D OR 1966).

⁸ See, e.g., C.W. Oliver, 138 F2d 910 (4th Cir. 1943).

⁹ George Ruppel, TC Memo 1987-248.

¹⁰ FSA 199911003 (3/19/99).

¹¹ Max Putman, 352 US 82 (1956).

¹² See Jacob Abdalla, 647 F2d 487 (5th Cir. 1981); J. Nat Hamrick, TC Memo 1980-149; Mozell Rushing, 58 TC 996 (1972); John D. Byram, 705 F2d 1418 (5th Cir. 1983); and Lloyd Gloder, 604 F2d 34 (9th Cir. 1979).

¹³ See Benjamin Stratmore, 785 F2d 419 (3d Cir. 1986).

¹⁴ Id.

¹⁵ Alfred Tolzman, TC Memo 1981-689.