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Which of the following statements is true concerning the making of a valid Section 754 election? A partnership can revoke the election to keep from

Which of the following statements is true concerning the making of a valid Section 754 election?

A partnership can revoke the election to keep from reducing the basis of assets

A valid election can be made by any partner

The election does not require the signature of one of the partners

The election serves to increase and reduce the bases of assets

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