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Which of the following situations is related to partnership distributions in which the bases of partnership assets will be adjusted if a Code Sec. 754
Which of the following situations is related to partnership distributions in which the bases of partnership assets will be adjusted if a Code Sec. 754 election is in effect?
a) The partner recognizes a loss on the distribution.
b)The partner takes bases in distributed assets that exceed their bases to the partnership.
c)The partner takes bases in distributed assets that are less than their bases to the partnership.
d)All of the above
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