L, a limited partner in the HL Partnership, guarantees a partnership liability which is a general liability
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L, a limited partner in the HL Partnership, guarantees a partnership liability which is a general liability of the partnership. Under state law, L will be subrogated to the rights of the lender. Does L bear the economic risk of loss for the liability?
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Yes L would bear the economic risk of loss for the liability that they guaranteed as a limited partn...View the full answer
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Related Book For 
Partnership Taxation
ISBN: 9781642428926
9th Edition
Authors: Stephen Schwarz, Daniel Lathrope, Brant Hellwig
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