Question

[The following information applies to the questions displayed below.] Travis and Alix Weber are equal partners in the Tralix Partnership, which does not have a §754 election in place. Alix sells one-half of her interest (25 percent) to Michael Tomei for $34,000 cash. Just before the sale, Alix's basis in her entire partnership interest is $79,800, including her $34,000 share of the partnership liabilities. Tralix's assets on the sale date are as follows: Cash Inventory Land held for investment Totals Tax Basis FMV $ 43,600 34,000 82,000 $ 43,600 106,000 51,600 $ 159,600 $ 201,200 b. What is Alix's basis in her remaining partnership interest? Basis

          [The following information applies to the questions displayed below.]
Travis and Alix Weber are equal partners in the Tralix Partnership, which does not have a §754 election in place. Alix sells
one-half of her interest (25 percent) to Michael Tomei for $34,000 cash. Just before the sale, Alix's basis in her entire
partnership interest is $79,800, including her $34,000 share of the partnership liabilities. Tralix's assets on the sale date
are as follows:
Cash
Inventory
Land held for investment
Totals
Tax Basis
FMV
$ 43,600
34,000
82,000
$ 43,600
106,000
51,600
$ 159,600
$ 201,200
b. What is Alix's basis in her remaining partnership interest?
Basis

[The following information applies to the questions displayed below.]
Travis and Alix Weber are equal partners in the Tralix Partnership, which does not have a §754 election in place. Alix sells
one-half of her interest (25 percent) to Michael Tomei for 34,000 cash. Just before the sale, Alix's basis in her entire
partnership interest is79,800, including her 34,000 share of the partnership liabilities. Tralix's assets on the sale date
are as follows:
Cash
Inventory
Land held for investment
Totals
Tax Basis
FMV 43,600
34,000
82,000
43,600
106,000
51,600 159,600
201,200
b. What is Alix's basis in her remaining partnership interest?
Basis

Added by Kristina W.

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