Required information Problem 10-56 (LO 10-1, LO 10-6) (Static) [The following information applies to the questions displayed below.] Elaine pays $40,000 cash for Martha's one-third interest in Lakewood Partnership. Just prior to the sale, Martha's basis in Lakewood is $140,000. Lakewood reports the following balance sheet: Assume the land had been purchased several years ago and the partnership does not have a 754 election in place. Note: Loss should be indicated by a minus sign. roblem 10-56 Part c (Static) If Lakewood were to sell the land for $70,000 shortly after the sale of Martha's partnership interest, how much gain or loss would aine recognize? Required information Problem 10-56 (LO 10-1, LO 10-6) (Static) [The following information applies to the questions displayed below.] Elaine pays $40,000 cash for Martha's one-third interest in Lakewood Partnership. Just prior to the sale, Martha's basis in Lakewood is $140,000. Lakewood reports the following balance sheet: Assume the land had been purchased several years ago and the partnership does not have a 754 election in place. Note: Loss should be indicated by a minus sign. roblem 10-56 Part c (Static) If Lakewood were to sell the land for $70,000 shortly after the sale of Martha's partnership interest, how much gain or loss would aine recognize