Choose the Correct Statement

question 8

Multiple Choice

Choose the correct statement.

• A)Qualified nonrecourse debt on real estate is considered an amount that is at risk.
• B)Any partnership losses not allowed in the current year may be carried back 2 years and forward 5 years.
• C)Nonrecourse debt is debt for which a taxpayer is personally liable.
• D)In general,partners are allowed losses from a business activity equal to their cash and property contributions,plus any profit retained in the business less any liabilities for which the taxpayer is personally liable.

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