In a two-page professional memo, please answer the two questions posted below.
You are to research thoroughly the questions asked and provide the legal support for your conclusions.
The legal research should incorporate all relevant sources to justify your conclusions. This would include code sections, regulations, court cases, IRS memorandums, and so forth.
Questions
1) Does the partnership code sections (Subchapter K) address the issue of whether a liability is recourse or non-recourse? If so, where? If not, how would one determine whether it is a recourse loan or non-recourse loan?
2) Let’s assume an LLC (treated as a partnership) goes into foreclosure as it was unable to make the payments on certain real estate. Would the tax treatment be different if the property which was foreclosed was based on a recourse note or a non-recourse note? If so, how would the treatment be different? Please elaborate.
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