Questions 34-35 are based on the following information: B, in complete liquidation of his partnership interest, which had a basis to him of $40,000, receives his proportionate share of cash $25,000, and inventory (partnership basis $14,000, FMV $90,000). B recognizes: 1. $75,000 capital gain 2. $1,000 capital loss 3. No gain or loss 4. None of these QUESTION 35 See Question 34 for the facts. B's basis in the inventory is 1.514,000 2.$1,000 3. None of these. 4. $90,000