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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001010549-04-000013.txt : 20040112
<SEC-HEADER>0001010549-04-000013.hdr.sgml : 20040112
<ACCEPTANCE-DATETIME>20040112122346
ACCESSION NUMBER:		0001010549-04-000013
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040108
ITEM INFORMATION:		Other events
FILED AS OF DATE:		20040112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREENBRIAR CORP
		CENTRAL INDEX KEY:			0000105744
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-SKILLED NURSING CARE FACILITIES [8051]
		IRS NUMBER:				752399477
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08187
		FILM NUMBER:		04519893

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PKWY
		STREET 2:		STE 650
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		9724078400

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PKWY
		STREET 2:		STE 650
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDICAL RESOURCE COMPANIES OF AMERICA
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESPAC INVESTORS TRUST
		DATE OF NAME CHANGE:	19900605
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>greenbriar8k010804.txt
<DESCRIPTION>CURRENT REPORT
<TEXT>



                                 CURRENT REPORT


                     PURSUANT TO SECTION 13 OR 15(d) OF THE

                         SECURITIES EXCHANGE ACT OF 1934



        Date of Report (Date of earliest event reported): January 8, 2004



                             Greenbriar Corporation
             (Exact name of registrant as specified in its charter)







          Nevada                        0-8187                    75-2399477
 ----------------------          -------------------         ------------------
(State of Incorporation)        (Commission File No.)          (IRS Employer
                                                             Identification No.)








              14185 Dallas Parkway, Suite 650, Dallas, Texas 75240
            --------------------------------------------------------
           (Address of principal execute offices, including zip code)



                                 (972) 407-8400
               --------------------------------------------------
              (Registrant's telephone number, including area code)





<PAGE>


Item 5.  Other Events and Required ID disclosures

         On January 8, 2004,  Greenbriar  Corporation  (the "Company")  issued a
press  release  announcing  that the Internal  Revenue  Service was  considering
assessing  penalties  against the Company  under  Section  6700 of the  Internal
Revenue  Code. A copy of this press  release is attached  hereto as Exhibit 99.1
and is incorporated herein by reference.

         This information and Exhibit 99.1 hereto are being furnished, and shall
not be deemed to be  "filed",  with the SEC.  The  information  in this  current
Report on Form 8-K shall not be incorporated by reference into any filing of the
registrant  with  the SEC,  whether  made  before  or  after  the  date  hereof,
regardless of any general incorporation language in such filings.

Item 7.  Financial Exhibits, Pro Forma Financial Information and Exhibits.

         (c) Press Release of Greenbriar Corporation dated January 8, 2004.





                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date:    January 8, 2004                   GREENBRIAR CORPORATION
                                           (Registrant)

                                           By:/s/  Gene S. Bertcher
                                           -------------------------------------
                                           Gene S. Bertcher
                                           President and Chief Executive Officer


<PAGE>


                                  EXHIBIT INDEX

Exhibit #

99.1               Press Release of Greenbriar Corporation dated January 8, 2004







</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>greenbriar8k010804ex991.txt
<DESCRIPTION>GREENBRIAR RECEIVES IRS LETTER
<TEXT>



                                  EXHIBIT 99.1




                         GREENBRIAR RECEIVES IRS LETTER


FOR IMMEDIATE RELEASE
                                                         Contact: Gene Bertcher
                                                                  Oscar Smith
                                                         Phone:   (972) 407-8400

Dallas, Texas, (Business Wire) January 10, 2004...Greenbriar  Corporation (AMEX:
GBR)  announced  today that the Company  was  notified on January 8, 2004 by the
Internal Revenue Service that it was considering assessing penalties against the
Company  under  Section  6700  of  the  Internal  Revenue  Code.  The  potential
assessment grows out of a series of tax-free revenue bond transactions  relating
to the  purchase  and sale of four  Georgia  nursing  homes.  Such  transactions
occurred in 1991-1992. The IRS has proceeded against certain parties involved in
tax-free bond  transactions via the Section 6700 penalty  procedures.  Such Code
section was adopted as a remedy to prosecute  abusive tax  shelters,  but it has
recently been employed as an enforcement technique in municipal bond disputes.

The Company disputes the IRS' assertions and believes it has available a variety
of defensive  positions  and third party claims  against the  professionals  who
structured the transactions. The Company intends to defend the action vigorously
or alternatively seek an amicable settlement.  If the IRS were to prevail on all
fronts, the amount of penalties could be substantial.


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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