william's basis in the WAM partnership interest was $100,000 just before he received a proportionate liquidating distribution consisting of investment land (basis of $30,000. fair market value $40,000), and inventory (basis $30,000, fair market value $70,000). After the distribution, William's recognized gain or loss and his basis in the land and inventory are: a. $40,000 loss; $30,000 (land); $30,000 (inventory) b. $10,000 gain; $40,000 (land); $70,000 (inventory) c. $0 gain or loss; $30,000 (land); $70,000 (inventory) d. $0 gain or loss; $70,000 (land); $30,000 (inventory) e. None of the above