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.

---

Definitions:

Pons

A part of the brain located above the medulla and below the midbrain, important for regulating sleep, respiration, swallowing, bladder control, hearing, equilibrium, taste, eye movement, facial expressions, and posture.

Hypothalamus

The hypothalamus is a region of the brain that plays a crucial role in controlling many bodily functions, including hunger, thirst, temperature regulation, and the release of various hormones.

Thalamus

A brain structure that acts as a relay station, directing sensory and motor signals to other parts of the brain, and is involved in regulating consciousness and sleep.

Cerebellum

A part of the brain that regulates motor movements, maintaining posture, balance, and coordinating speech.