On the lower floor, allow the baseboard to go around the corner to the edge of the higher floor. On the higher floor, the baseboard goes up to the outer corner. Cut a piece of baseboard as wide as the distance between the higher floor and the outer corner. Mitre this at 45 degrees and place it with the beveling against the outer corner. Then mitre the connecting moldings to fit against this. The upper molding needs to be partially ripped to make it fit.
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