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 $30,500 cash. Just before the sale, Alixs basis in her entire partnership interest is $75,600, including her $30,500 share of the partnership liabilities. Tralixs assets on the sale date are as follows: Tax Basis FMV

Cash $ 40,450 $ 40,450

Inventory 30,500 92,000

Land held for investment 80,250 50,200

Totals $ 151,200 $ 182,650

b. What is Alixs basis in her remaining partnership interest?

c. What is Michaels basis in his partnership interest?

d. Does the sale on partnership's basis have any effect in the assets? Yes or N?