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Business & farm
I am assuming that the recourse and non-recourse liabilities you are questioning, have something to do with a basis calculation for a partnership or other flow-through business entity.
A recourse liability is one in which a partner or partners have a risk of loss because the creditor can come after that partner(s) to collect the debt.
A non-recourse liability debt is sometimes secured by property, but the creditor has no ability to come after a partner(s) for payment of the debt.
E-file (Electronic Filing of a Tax Return) is available through TurboTax and is the quickest way to get your return to IRS and/or your state agency.
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March 9, 2020
11:11 AM