Question: Which statement is an accurate description of IRC Section 7 5 1 , sometimes referred to as a hot asset? An amount realized from the

Which statement is an accurate description of IRC Section 751, sometimes referred to as a "hot asset"?
An amount realized from the sale or exchange of property other than a capital asset.
The adjusted basis of the partner's partnership interest.
Gain or loss on a sale or exchange of an interest in a partnership. Generally, it is considered the sale or exchange of a capital asset.
Suspended passive losses may be deductible in the year of sale.

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