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5 . If a partnership has made a 7 5 4 election and a partner sells his or her partnership interest to someone else A
If a partnership has made a election and a partner sells his or her partnership interest to someone else
A the buying partner can make an adjustment under b to their basis in the partnership assets to take into account the amount actually paid for the partners interest in those assets.
B the buying partner can make an adjustment under b to their basis in the partnership assets to take into account the amount actually paid for the partners interest in those assets.
C the selling partner can make an adjustment under b to their basis in the partnership assets to take into account the amount actually paid for the partners interest in those assets.
D The selling partners gain on the sale is always longterm capital gain.
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