Wendi and Peter are partners in the WP Partnership. Wendi owns a 20% captal, profits, and loss interest. Peter owns the remaining interest. Both materialy participate in partnership activties. At the beginning of the current year, WP's only liablities are $15,000 in accounts poyable, which remain outstanding at year-end. In November, WP borrown $180,000 on a nonrecourse basis from First Bark. The loan is secured by property with a $360,000 FMV. These are WP's only liabisies at year-end. Bases for the partinership interests are $72,000 for Wendi and $248,000 for Peter after considering the impact of linbaities but before considering operations. WP has a $360,000 ordinary bss from operations during the current your Requilrement How much loss can Wendi and Peter recognize? (The basis amounts pren include both the $15,000 in accounts payablo at year-end and the $180,000 borrowed on a nonrecourse basis from First Bank in November.)