Wendi and Peter are partners in the WP Partnership. Wend owns a 20% capital, profits, and loss intorest. Peter ownis the remaining interest. Both materially participale in partnership activities. At the beginning of the curent year, WP's only labiffies are $15,000 in accounts payable, which remain outstanding at year-end. In November, WP borrows $180,000 on a nonrecourse basis from First Bank. The loan is secured by property with a $360,000 FMV. These are WP's only liabilites at year-end. Bases for the partnership interests are $72,000 for Wendi and $283,000 for Peter after considering the impact of liabilities but before considering operations. WP has a $360,000 ordinary loss from oporations during the current year. Rquirement How much loss can Wendi and Peter recognize? (The basis amounts oven include both the $15,000 in accounts payable at yoar-end and the $180,000 borrowed on a nonrecourse basis from Fint Bark in Novembet)