Which of the following statements regarding a Sec. 754 optional basis adjustment election is false?
A.	The application for revocation of the election must be made not later than 30 days after the close of the tax year of the partnership with respect to which the revocation is intended to take effect.
B.	An automatic 12-month extension of time to make the election is available.
C.	The new partner elects to adjust the basis of its assets.
D.	The basis adjustment election may be revoked by the partnership subject to certain limitations.