code tag doesn't seem to work in lists, has to be replaced by quote tag to keep formatting.
[hr]
[list]
[li]Item
test[/li][/list]
[li]Item with code tag
[/li][/list][code]code[/code][list][/li]
[/list]
[hr]
[list]
[li]Item
test[/li]
[li]Item with quote tag
[quote]code[/quote][/li]
[/list]