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:

Upset Stomach

A common condition characterized by discomfort or pain in the stomach area, often associated with nausea, vomiting, or indigestion.

Thirst

A sensation caused by the physiological need for water, prompting animals and humans to consume fluids.

Driving Ability

A set of skills and capabilities required to operate a vehicle safely, including motor coordination, cognitive comprehension, and adherence to traffic laws.

BAL

Blood Alcohol Level, a measurement of alcohol intoxication for legal and medical purposes.