Required information Problem 10-37 (LO 10-1) (Algo) (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 8754 election in place. Alix sells one-half of her interest (25 percent) to Michael Tomei for $33,000 cash. Just before the sale, Alix's basis in her entire partnership interest is $78,600, including her $33,000 share of the partnership liabilities. Tralix's assets on the sale date are as follows: Cash Inventory Land held for investment Totals Tax Basis $ 42,700 33,000 81,500 $ 157,200 FMV $ 42,700 102,000 51,200 $ 195,900 Problem 10-37 Part a (Algo) a. What are the amount and character of Alix's recognized gain or loss on the sale? $17,250 of ordinary income and $7,050 of capital loss $7,050 of capital loss, $7,050 of ordinary income $7,050 of ordinary income and $17,250 of capital loss $20,400 of capital loss, $8,625 of ordinary income Neither gain nor loss recognized