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DO NOT COPY AND PASTE ANOTHER USERS ANSWER TO THIS PROBLEM IT IS INCORRECT ...

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Accounting

DO NOT COPY AND PASTE ANOTHER USERS ANSWER TO THIS PROBLEM IT IS INCORRECT

Why would a new partner who pays more for a partnership interest then the selling partners share of the inside basis of partnership assets want the partnership to make a section 754 election? Explain why a partnership might not want to make such an election.

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