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Recourse and Non-Recourse Debt for Partnerships

Recourse and Non-Recourse Debt for Partnerships

media.straffordpub.com

Dec 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 …

  Resource, Non recourse, Nonrecourse

LB&I Concept Unit - IRS tax forms

LB&I Concept Unit - IRS tax forms

www.irs.gov

Recourse 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

  Form, Resource, Irs tax forms, Nonrecourse

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