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However, because each member had personally guaranteed a liability up to a certain dollar amount, each member would be considered at-risk for such amount (except to the extent a member has a right of reimbursement against the other members).
In other matters, too, state laws differ widely on who is personally liable and under what circumstances.
465(b)(3)(A) states that amounts borrowed from a person who has an interest in the activity are not treated as at-risk, even if the borrower is personally liable for repayment.
Also, the ruling was based on facts particularly favorable to the plaintiff, First Florida Bank, since the accountant not only negotiated the loan in question but also personally delivered the financial statements to the bank.
To secure the loan, R pledged the property and its improvements; in addition, E personally guaranteed both the mortgage and R's commitment to indemnify the bank for any environmental liability.
In 1996, the Service issued a liability notice to the estate of F (who had died), determining that F was personally liable as a fiduciary for the disbursements made from J's estate, under 31 U.