Richard Leo Warbus v. Commissioner

110 T.C. No. 21

UNITED STATES TAX COURT RICHARD LEO WARBUS, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 2194-96. Filed April 21, 1998. P, a member of a federally recognized tribe of American Indians, purchased a boat that he used in treaty "fishing-rights-related" activity as defined in sec. 7873, I.R.C. In 1984, P obtained a commercial loan for items related to the fishing boat from the same lender who financed the purchase of the boat. The loan repayment was guaranteed by the Bureau of Indian Affairs (BIA). When P failed to make payments on the loan as they became…