Partners g and h form the gh partnership, with g contributing $200,000 cash and h contributing some land with a basis of $600,000 and a fmv of $900,000, subject to a nonrecourse liability of $700,000. they agree to share profits and losses 60% to g and 40% to h. what is h's share of the liability?

$700,000

Explanation:

A non recourse liability means the partner liability is only limited to the assets or fund he has pledge as a liability and creditor cannot seek more than that from him should a loss occur.

c

explanation:

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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