Mr. Remark's interest in Smart Partnership had an adjusted basis of $75,000. This included his $25,000 share of the partnership's liabilities for which he, the other partners, and the partnership had not assumed personal liability. There is no minimum gain, and the partners have no loss limitation agreements. The partnership has no other liabilities, unrealized receivables, or substantially appreciated inventory items. Mr. Remark sold his interest in the partnership for $65,000 cash and was relieved of his share of the partnership's liabilities. What is the amount of Remark's capital gain or loss? O A. $10,000 loss. OB. $15,000 gain. C. $0 OD. $65,000 gain. George was a partner in the Jefferson Partnership. Georges basis in his partnership interest was $34,000. During the year, George received $40,000 cash in complete liquidation of his partnership interest at a time when the partnership had no liabilities. The partnership has no Sec. 751 assets, and Sec. 736(a) does not apply. What gain or loss should George report on his tax return from the termination? O A. $6,000 ordinary gain. O B. $6,000 capital gain. OC. $40,000 capital gain. O D. $0 gain or loss