[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
[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
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter6: Losses And Loss Limitations
Section: Chapter Questions
Problem 21P
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![[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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15d62a17-cc35-4521-abad-4eaf1d0b4948%2Fb4a6b69b-1ba9-4087-8c4f-8470e0942828%2Fz9t5m7i_processed.jpeg&w=3840&q=75)
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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