In a proportionate liquidating distribution, Azriel receives a distribution of $40,000 cash, accounts receivable (basis of $0, fair market value of $30,000 ), and inventory (basis of $50,000, fair market value of $60,000). His basis in the entity immediately before the distribution was $120,000. As a result of the distribution, what is Azriel's basis in the accounts receivable and inventory, and how much gain or loss does he recognize? a) $0 basis in accounts receivable; $80,000 basis in inventory; $0 gain or loss. b) $30,000 basis in accounts receivable; $50,000 basis in inventory; $30,000 loss. c) $40,000 basis in accounts receivable; $40,000 basis in inventory; $0 gain or loss. d) $0 basis in accounts receivable; $50,000 basis in inventory; $30,000 loss