Required information [The following information applies to the questions displayed belowj Michelle pays $188,000 cash for Brittany's one-third interest in the Westlake Partnership. Just prior to the sale, Brittany's basis in Westlake is $100,000. Westlake reports the following balance sheet: Tax Basis FMV Assets: Cash Land Totals $100,000 $100,000 200,000 464,000 $300,000 $564,000 Liabilities and capital: Capital - Amy - Brittany - Ben 100,000 100,000 100,000 $300,000 Totals a. What is the amount and character of Brittany's recognized gain or loss on the sale? $188,000 of ordinary income and $188,000 of capital gain $3,000 of ordinary income and $11,000 of capital gain $88,000 of capital loss $88,000 of capital gain Neither gain nor loss recognized b. What is Michelle's basis in her partnership interest? What is Michelle's inside basis? Amount Basis in partnership interest Inside basis c. 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? d. How much gain or loss on the sale of land, would Michelle recognize? el. Suppose Westlake has a 754 election in place. What is Michelle's special basis adjustment? e2. Suppose Westlake has a 754 election in place. How much gain or loss would Michelle recognize on a subsequent sale of the land in this situation? Complete this question by entering your answers in the tabs below. Req E1 Req E2 Suppose Westlake has a 754 election in place. How much gain or loss would Michelle recognize on a subsequent sale of the land in this situation? Req E1 Req E2