a. If Westlake were to sell the land for $464,000 shortly after the sale of Brittany's partnership interest, how much gain or loss would the partnership recognize?

b. How much gain or loss would Fatima recognize if the land were sold for $464,000?

Problem 10-55 (LO 10-1, LO 10-6) (Algo) [The following information applles to the questions displayed below.] Fatima pays $188,000 cash for Brittany's one-third Interest in the Westlake Partnership. Just prior to the sale, Briltany's basis in Westlake Is $100,000. Westlake reports the following balance sheet