(Please explain in detail. Thank you!)

Assume that the $900 note in problem 3 is nonrecourse (i.e., it is secured by the apartment building but neither the partners hip nor either of its partners has any personal liability on the note).

1. Determine each partners initial outside basis in the partnership.
2. Same as (a), except that L pledged IBM stock (basis $100, value $200) to secure the loan.
3. Same as (a), except that L guaranteed the note in a side agreement with the holder.
4. Same as (a), except that L guaranteed the holder that it would receive a minimum of $200.
5. Same as (a), except that the partnerships note is guaranteed, alternatively, by (i) Gs wholly owned corporation;

(ii) Ls father.

(iii) Gs sister.

(iv) Another partnership in which L is an 80% partner. Or,

(v) A partner of L in another partnership