character of Franklin's gain or loss? 37. Travis and Alix Weber are equal partners...
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Accounting
character of Franklin's gain or loss?
Travis and Alix Weber are equal partners in the Tralix Partnership, which does not have a $ election in place. Alix sells onehalf of her interest percent to Michael Tomei for $ cash. Just before the sale, Alix's basis in her entire partnership interest is $ including her $ share of the partnership liabilities. Tralix's assets on the sale date are as follows:
tableTax Basis,FMVCash$$
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