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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 $36,000 cash. Just before the sale, Alix's basis in her entire partnership interest is $82,200, including her $36,000 share of the partnership liabilities.
Tralix's assets on the sale date are as follows:
Cash: Tax basis 45,400 FMV 45,400Inventory: Tax basis 36,000 FMV 114,000Land held for investment: Tax basis 83,000 FMV 52,400Totals: Tax basis $164,400 FMV 211,800
Problem 1: What is Michaels basis in his partnership interest?
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