A §754 Election Is Made by a Distributee Partner for a Tax

question 77

True/False

A §754 election is made by a distributee partner for a tax year in which (1)the distributee partner recognizes gain or loss on a distribution from a partnership or (2)the distributee partner's basis in distributed assets differs from the partnership's inside basis in those assets.

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Definitions:

Cognitive Processes

The mental actions or processes involved in acquiring knowledge and understanding through thought, experience, and the senses.

Minority Group

A social group that is differentiated from the dominant groups in a society, often by cultural, religious, or racial distinctions, facing varying degrees of prejudice and discrimination.

Personal Sense

The perception and understanding of oneself, including one's own identity, feelings, and experiences, forming an integral part of individual consciousness.

Hoffman's Theory

Refers to Martin Hoffman's theory on empathy and moral development, emphasizing the role of empathetic distress in the development of moral behavior.