What is the affect of endorsing a negotiable instrument "without recourse"?

What is the affect of endorsing a negotiable instrument "without recourse"?
It negates contract liability only.   (In other words, that individual will not be liable to subsequent holders of the negotiable instrument.)

What is the civil penalty for aiding and abetting an understatement of tax liability?
For an individual is $1,000. For corporations it is $10,000.

How is 1231 property taxed?
Gains are taxed as long-term capital. Losses are taxed as ordinary losses.

How is depreciation on 1245 recaptured?
As ordinary income.  (Any amount in excess of the original cost, will be Section 1231 gain).

What is the partnership "at risk" provision?
It refers to any partnership liabilities that a partner is personally liable for.

Does the calculation of distributable net income (DNI) include capital gains?
No. (The calculation of DNI does NOT include capital gains allocable to corpus.)

What amount of a decedent's taxable estate is tax-free if the maximum applicable estate and gift tax credit is taken?
$5,000,000 (aka the maximum amount that can be transferred pursuant to a death, tax-free is...)

What is the annual gift tax exclusion per donee?
$13,000