Which of the Following Statements Concerning a § 754 Election

Which of the following statements concerning a § 754 election is accurate?

A) The election can be made by any partner who purchases an interest or who inherits an interest from a deceased partner.
B) The election is effective only for the partnership taxable year (or years) specifically stated in the election.
C) The election has potential tax consequences only to a partner who purchases an interest or who inherits an interest from a deceased partner.
D) The election can only result in an increase in the basis of partnership assets.
E) None of the above is accurate.