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:

Party

A social gathering of invited guests, typically involving eating, drinking, entertainment, and sometimes specific celebrations.

Proletariat

The class of workers in capitalist societies who do not own the means of production and whose main source of income is the sale of their labor power.

Class

A category or grouping of people in society often defined by economic, social, or professional status.

Ethnomethodology

A sociological perspective that examines the methods people use to understand and produce the social order in everyday situations.