Identify which of the following statements is true.
A)The basis for property distributed by a partnership cannot be increased above the carryover basis amount when it is received by a partner in a nonliquidating distribution.
B)A partner's partnership capital account balance cannot be less than zero.
C)The length of time a partner owns a partnership interest is relevant when determining the holding period for distributed property.
D)All of the above are false.

Question

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The Answer of Identify which of the following statements is true.
A)The basis for property distributed by a partnership cannot be increased above the carryover basis amount when it is received by a partner in a nonliquidating distribution.
B)A partner's partnership capital account balance cannot be less than zero.
C)The length of time a partner owns a partnership interest is relevant when determining the holding period for distributed property.
D)All of the above are false.

Identify Which of the Following Statements Is True