The minimum gain chargeback will not be applied to a partner when nonrecourse debt is reduced if:
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Question:
The minimum gain chargeback will not be applied to a partner when nonrecourse debt is reduced if:
A. The reduction was financed by that partner's capital contributions
B. The reduction was caused by a conversion of the debt to recourse debt, and that partner is personally responsible for the debt
C. Both A & B
D. None of the above (all of the above will cause the minimum gain chargeback to be applied to a partner)
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: