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Which of the Following Is False Concerning Special Basis Adjustments

Question 72

Multiple Choice

Which of the following is false concerning special basis adjustments under Section 754?


A) Special basis adjustment is an annual election made by the partnership.
B) Special basis adjustments can occur when a new investor purchases a partnership interest.
C) Special basis adjustments can occur when a partner recognizes a gain or loss from a distribution.
D) Special basis adjustments are intended to eliminate discrepancies between inside and outside bases.

Correct Answer:

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