Identify Which of the Following Statements Is True

question 20

Multiple Choice

Identify which of the following statements is true.

• A) The basis for property distributed by a partnership cannot be increased above the carryover basis amount when it is received by a partner in a nonliquidating distribution.
• B) The length of time a partner owns a partnership interest is relevant when determining the holding period for distributed property.
• C) A partner's partnership capital account balance cannot be less than zero.
• D) All of the above are false.

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