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What are some advantages and disadvantages of making a Section 754 election?
Supremacy Clause
A clause in the U.S. Constitution declaring that federal laws are the supreme law of the land and take precedence over state laws.
State Law
Laws established by individual states in the United States, as opposed to federal laws which apply to the entire country.
Federal Question
A legal issue involving the interpretation of the U.S. Constitution, federal laws, treaties, or regulations, which gives federal courts jurisdiction.
State Supreme Court
The highest judicial body within a US state, which typically serves as the final arbiter in state law matters.
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