Nonrecourse liability
(3) Definition of nonrecourse liability. Nonrecourse liability means a nonrecourse liability as defined in 1.752-1(a)(2) or a 1.752-7 liability (as defined in 1.752-7(b)(3)(i)) assumed by the partnership from a partner on or after June 24, 2003. (4) Definition of partner nonrecourse debt. Partner nonrecourse debt or partner nonrecourse liability means any partnership liability to the extent the liability is nonrecourse for purposes of 1.1001-2, and a partner or related person (within the meaning of 1.752-4(b)) bears the economic risk of loss under 1.752-2 because, for example, the partner or related person is the creditor or a guarantor.