Williams 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 of $30,000, fair market value $70,000). After the distribution, Williams 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