A and P are general partners in the A&P Partnership and are both multimillionaires. Their outside basis and capital accounts are $100 each and they share equally in allocations of income, gain, loss, deduction and credit as well as distributions. The partnership borrows $1,000 from a bank on a recourse basis. A indemnifies P for all amount he might have to pay to the bank. The partnership losses $750 in its first year all allocated to P. P will be able to deduct $600 of the loss because the indemnity is ignored for purposes of determining share of recourse debt. True or False