William's basis in the WAM Partnership interest was $100,000 just before he received a proportionate liquidating distribution consisting of investment land, and inventory. After the distribution, William's recognized gain or loss and his basis in the land and inventory are: Answer $40,000 loss; $30,000 ; $30,000 $10,000 gain; $40,000 (land); $70,000 $0 gain or loss; $30,000 ; $70,000 $0 gain or loss; $70,000 ; $30,000 None of the above?