Which of the following statements is FALSE?

A. A 754 election to make a basis adjustment under 743(b) should almost always be made by the partnership when a partner purchases a partnership interest in a partnership that has substantial amounts of uncollected receivables and material amounts of substantially appreciated inventory.

B. A 743(b) basis adjustment for purchases of partnership interests is designed to protect the remaining partners (of other than the purchasing partner) from having gains allocated to them that are attributable to the incoming (purchasing) partner.

C. A 743(b) basis adjustment is designed to protect the incoming (purchasing) partner from recognizing income for which he received no economic benefit & which was attributable to the selling partner.

D. All of the above statements are TRUE