9. Which, if either, of the following statements is or are false? I. Tax exempt income received by a partnership, for example, municipal bond interest, does not increase a partner's basis in his/her partnership interest because the income is not taxable. II. A partner who receives a current property distribution (other than cash), made pro rata to all the partners, will not have to report a gain with respect to the distribution. a. I only. b. II only. c. Both I and II. d. Neither I nor II.
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