Questions 36-37 are based on the following information: Jack and Jane formed X partnership in February, 20x2. Each contributed $200,000 cash to the partnership. They are equal partners. In July, 20x4, the partnership purchased a building for $80,000 cash plus a mortgage of $600,000. On August 1, 20x4, when the building has not appreciated and the partnership's other assets consist only of cash and uncollected receivables (with a FMV of $30,000, 0 basis)Jack sells his interest to Hunter for $500,000 cash. Jack's realized gain or loss is 1. None of these. 2.$600,000 gain 3. $250,000 loss 4.$300,000 gain QUESTION 37 See Question 36 for facts. Jack's recognized gain or loss is 1. $600,000 capital gain 2. $30,000 ordinary income, $270,000 capital gain 3.$15,000 ordinary income, $285,000 capital gain 4. None of these