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character of Franklin's gain or loss? 37. Travis and Alix Weber are equal...

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Accounting

character of Franklin's gain or loss?
37. 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 $30,000 cash. Just before the sale, Alix's basis in her entire partnership interest is $75,000, including her $30,000 share of the partnership liabilities. Tralix's assets on the sale date are as follows:
\table[[,Tax Basis,FMV],[Cash,$40,000,$40,000
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