Which of the following statements accurately describes an IRC 754 election? a)The purpose of an IRC 754 election is to place the buyer in the same position as if she purchased her proportionate share of the partnership assets at FMV b) An IRC 754 election adjusts the inside basis of partnership property to equal book basis. C) AN IRC 754 election benefits all current and past partners d) AN IRC 754 election may be made by the partnership on a transaction basis