CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN: 9780357110362
Author: Murphy
Publisher: CENGAGE L
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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:
Tax Basis
FMV
Cash
Inventory
Land held for investment
Totals
$ 43,600
34,000
82,000
$ 43,600
106,000
$ 159,600
51,600
$201,200
b. What is Alix's basis in her remaining partnership interest?
Basis](https://content.bartleby.com/qna-images/question/15d62a17-cc35-4521-abad-4eaf1d0b4948/b4a6b69b-1ba9-4087-8c4f-8470e0942828/z9t5m7i_processed.jpeg)
Transcribed Image Text:[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:
Tax Basis
FMV
Cash
Inventory
Land held for investment
Totals
$ 43,600
34,000
82,000
$ 43,600
106,000
$ 159,600
51,600
$201,200
b. What is Alix's basis in her remaining partnership interest?
Basis
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