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 $38,500 cash. Just before the sale, Alix's basis in her entire partnership interest is $85,200, including her $38,500 share of the partnership liabilities. Tralix's assets on the sale date are as follows: Cash Inventory Land held for investment Totals Tax Basis FMV $ 47,650 $ 47,650 38,500 124,000 84,250 53,400 $170,400 $225,050 a. What are the amount and character of Alix's recognized gain or loss on the sale? $21,375 of ordinary income and $6,225 of capital loss $6,225 of capital loss, $6,225 of ordinary income $6,225 of ordinary income and $21,375 of capital loss $30,300 of capital loss, $10,688 of ordinary income Neither gain nor loss recognized b. What is Alix's basis in her remaining partnership interest? Basis c. What is Michael's basis in his partnership interest? Basis d. Does the sale on partnership's basis have any effect in the assets? Yes or No Yes No