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Search results with tag "Nonrecourse"
Recourse and Non-Recourse Debt for Partnerships
media.straffordpub.comDec 05, 2013 · Recourse vs. Nonrecourse Partnership debt is classified as either recourse or nonrecourse. • Recourse Debt – debt of the partnership that at least one partner is personally liable for. –The personal liability can exist through operation of state law or …
LB&I Concept Unit - IRS tax forms
www.irs.govRecourse Liabilities (cont’d) In a general partnership, state law ordinarily provides that the partners are personally liable for the partnership liabilities, except for those that are expressly nonrecourse. For example, in the case of a recourse mortgage on real property, if the partnership was unable to pay the