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Identify which of the following statements is true.
A) If a partnership asset with a deferred precontribution gain
is distributed in a nonliquidating distribution to the partner who
contributed the asset, the precontribution gain must be recognized
by the partner.
B) The partner’s basis in the partnership interest is normally
reduced by the FMV of property distributed in a nonliquidating
distribution.
C) When a current distribution from a partnership reduces the
basis of the partnership interest to zero, the partner’s interest
in the partnership is terminated.
D) All are false.

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