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Anthony's basis in the WAM Partnership interest was $200,000 just before he received a proportionate liquidating distribution consisting of investment land (basis of $90,000, fair market value of $100.000), and Inventory (basis of $30,000, fair market value of $70,000). After the distribution, Anthony's recognized gain or loss and his basis in the land and inventory are: Oa. 570,000 loss $100,000 (land) 530.000 (inventory). Ob. 580.000 loss: $90.000 (land): $30.000 (inventory). Oc. So gain or loss: $170.000 (Land); $30.000 (inwentory). Od. $30,000 loss: $100,000 (land) $70,000 (inventory)