A Taxpayer's Share of Nonrecourse Debt Is Considered an Amount

question 69

True/False

A taxpayer's share of nonrecourse debt is considered an amount at-risk.

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Definitions:

Written Agreement

A documented accord between two or more parties, outlining terms and conditions to which they have mutually consented.

Terms of Payment

The conditions under which a seller will complete a sale, typically specifying the period allowed to a buyer to pay for the goods or services received.

Equal Credit Opportunity Act

A United States federal law ensuring all consumers are given an equal chance to obtain credit, regardless of race, religion, national origin, sex, or marital status.

Discriminating

The act of making distinctions or differentiating between objects, subjects, or concepts.