Which of the Following Liabilities Would Be Considered Nonrecourse

question 22

Multiple Choice

Which of the following liabilities would be considered nonrecourse?

• A)A bank loan for which the taxpayer is personally liable.
• B)Credit card debt.
• C)A $20,000 real estate loan which allows the bank to take the real estate if the taxpayer stops making payments on the loan.
• D)All of the above are nonrecourse liabilities.

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Definitions:

Individualized Approach

A method tailored to meet the unique needs of an individual, considering their personal circumstances, preferences, and characteristics.

External Validity

The extent to which the findings of a study can be generalized to other situations, settings, or groups.

Federal Government

The national government of a federated state, which shares sovereignty with the individual state or provincial governments.

Animal Rights

The belief that animals are entitled to the possession of their own lives and that they should be afforded the same consideration as the similar interests of human beings.