Which of the Following Is False Concerning Special Basis Adjustments

question 38

Multiple Choice

Which of the following is false concerning special basis adjustments?

• A) Special basis adjustments are intended to eliminate discrepancies between inside and outside bases.
• B) Special basis adjustment is an annual election made by the partnership.
• C) Special basis adjustments can occur when a new investor purchases a partnership interest.
• D)Special basis adjustments can occur when a partner recognizes a gain or loss from a distribution.

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Definitions:

Releases of Information

The process or documentation that allows for the sharing of an individual's medical or personal information with specified parties.

Cultural Competence

The ability of individuals and organizations to effectively interact, work, and understand people from different cultural backgrounds, enhancing service delivery in diverse settings.

Within-Group Membership

The sense of belonging or identification with a subgroup within a broader group or category.

Culturally Appropriate

Ensuring that behaviors, practices, or interventions are respectful of and relevant to the cultural backgrounds of the people involved.