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4 points 13. An LLC borrows $100 from a bank. At the end of the LLC's tax year, the $100 principal on the promissory note
4 points 13. An LLC borrows $100 from a bank. At the end of the LLC's tax year, the $100 principal on the promissory note is still outstanding (i.e. still owed to the bank). In the materials dropped off by the client the client provided a copy of the promissory note that A and B signed only as managers. No one at the firm interviewed this long term client, she just dropped off her books and records and a copy of the promissory note. What question needs to be asked or what document needs to be obtained from the client in order to determine how to allocate the debt for recourse or nonrecourse purposes
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