ulation Section, 7044 (b)12 X i v)- ( i ). "Nonrecourse Deductions'. shall have the 7:1 e n it g set forth in Treasury Regutation Section 1704-?. Celinprart: 'at: amount of alt) liabilities of the Mernher that are assumed by the SECTION IV ALLOCATIONS AND DIS'IBIllf:710M?: A. A'AncatiunS. For purposes