Which of the following statements regarding a Section 754 election is/are false?

a. The basis adjustment election may be revoked by the partnership subject to certain limitations.

b. 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.

c. The new partner elects to adjust the basis of its assets.

d. An automatic 12-month extension of time to make the election is available.