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:

Consciousness

The state of being aware of and able to think about one's surroundings, thoughts, and feelings.

Hypnosis

An altered state of consciousness or a psychological state of altered attention and expectation in which the individual is unusually receptive to suggestions.

Hypnosis

A trance-like mental state in which a person becomes highly suggestible and is able to focus intensely on a specific thought or memory, excluding any other thoughts.

Somniloquy

The act of talking during sleep, a type of parasomnia that can occur in any stage of sleep.