Which of the Following Statements Is Correct

question 62

Multiple Choice

Which of the following statements is correct?

• A)A partnership may make an annual election to adjust the basis of its assets upon the sale of a partnership interest.
• B)The Sec. 754 election applies to both sales and distributions.
• C)The Sec. 754 election applies to only current and nonliquidating distributions.
• D)A partnership can revoke a Sec. 754 election every 5 years.

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Definitions:

Flatter Organizations

Organizational structures with fewer levels of management and a broader span of control, which often result in improved communication and faster decision-making.

Organizational Hierarchy

A system in organizations that structures and ranks its parts or positions in order of importance or authority.

Virtual Teams

Teams that operate remotely, often from different geographical locations, and rely on digital communication technologies for collaboration and task completion.

Face-to-Face Teams

Teams that operate and interact primarily through direct, in-person meetings, emphasizing the value of physical presence for collaboration and communication.