Question: A section 7 5 4 election is made by a distributee partner for a tax year in which: 1 . the distributee partner recognizes gain

A section 754 election is made by a distributee partner for a tax year in which:
1. the distributee partner recognizes gain or loss on a distribution from a partnership or
2. the distributee partner's basis in distributed assets differs from the partnership's inside bases in those assets. true or false

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