When Must a Partnership Make Mandatory Basis Adjustments

question 29

Multiple Choice

When must a partnership make mandatory basis adjustments?

• A)on any sale of a 20% or greater partnership interest
• B)on any sale of a partnership interest for $250,000 or more
• C)on any distribution of assets with a value of $250,000 or more
• D)on any sale of a partnership interest where the partnership's adjusted basis in its assets exceeds their fair market value by $250,000 or more

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Definitions:

Petty Larceny

A minor theft crime involving the stealing of property with relatively low value.

Grand Larceny

A serious theft crime involving the unlawful taking of property that exceeds a specific value, defined by law.

Pretrial Motions

Requests filed by parties to a lawsuit before the trial begins, aiming to resolve certain issues and set the trial conditions.

Motion To Suppress

A legal motion requesting that certain evidence be excluded from being presented during a trial.