Which of the following is False concerning special basis adjustments under Section 754?
A) Special basis adjustments are intended to eliminate discrepancies between inside and outside bases.
B) Special basis adjustments are an annual election made by the partnership.
C) Special basis adjustments can occur when a new investor purchases a partnership interest.
D) Special basis adjustments can occur when a partner recognizes a gain or loss from a distribution.
Correct Answer:
Verified
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