Which of the Following Liabilities Would Be Considered Nonrecourse

question 23

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 these are non-recourse liabilities.

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Definitions:

Shocks

Sudden, unexpected events or disturbances that can cause significant changes or adverse effects in a system or organism.

Shock Plate

A device typically used in experimental research to deliver a shock to an animal subject as a form of aversive stimulus.

Obeyed

The action of following the commands, restrictions, or wishes of someone or something with authority.

Milgram Shock Experiment

An experimental social psychology study by Stanley Milgram measuring the willingness of study participants to obey an authority figure who instructed them to perform acts conflicting with their personal conscience.