Edward, Margaret, and Charles are equal partners in a partnership. Edward contributed land with a tax basis of $$10,000$ and a value of $$50,000,$ Margaret and Charles each contributed $$50,000$ of cash, which was invested in AAA$-$rated debt instruments. The land is now worth $$90,000,$and the debt instruments are now worth $$120,000.$ Assume the partnership bas a $754$ election in effect.

$($a$)$ What are the consequences if Charles sells his interest in the partnership to William for $$70,000?($Assume Charles's outside basis is still $$50,000.)$

$($b$)$ What are the consequences if Edward sells his interest in the partnership to William for $$70,000?($Assume Edward's outside basis is still $$10,000.)$