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I'm a dumm as* when it comes to trying to figure out stuff like that so I take the easy way out.
I would use a piece of 30 lb roofing paper to make a template laying on the floor and running up the wall. I press it tight to the area between the floor and the wall to make it form a right angle and start making the cut.

I would use a Roto Zip not a utility knife so it will be cut in one pass and not snap off part of the sheetrock.
 
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