Wes, Xander, and Yolanda are equal partners.  The partnership is a cash basis taxpayer and uses the proration method to handle varying interests.  On October 1, 20X1, Zelda joins the partnership and the four become equal partners.  For 20X1, the partnership has a net loss of $(80,000).

 

How is the loss allocated among the partners?

Assuming there is gain on sale of property that occurred September 15, 20X1, what options, if any, are available to the partnership with respect to allocating the gain?