Advanced Analysls of Partnership Taxatlon Exam Question 28 of 35 Select the best

Question

Advanced Analysls of Partnership Taxatlon Exam Question 28 of 35 Select the best answer. In allocating basis under IRC Section 755, which of the following rules applies to allocation betweenclasses of assets? O A. Anegative adjustment would not be allocated to any class of . A positive adjustment is apportioned according to the difference between basis and fair market value. o C. A positive adjustment would only be allocated to an asset that has appreciated n o D. A positive adjustment would only be allocated to the class that has depreciated in value. 100% C

Explanation / Answer

The Answer is "D"

D. A positive adjustment would only be allocated to the class that has depreciated in value.

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