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Which of the following statements is true regarding partnership operating distributions? A. Partners will never recognize a gain on a operating distribution B. Partners receiving
Which of the following statements is true regarding partnership operating distributions? A. Partners will never recognize a gain on a operating distribution B. Partners receiving a distribution of property other than money will take a basis in the property equal to its fair market value C. Partners will never recognize a loss on an operating distribution D. None of the choices are correct
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