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Business, 18.11.2019 18:31 mlrood2013oy11gv

Riley is a 50% partner in the rf partnership and has an outside basis of $56,000 at the end of the year prior to any distributions. on december 31, riley receives a proportionate operating distribution of $6,000 cash and a parcel of land with a $14,000 fair value and an $8,000 basis to rf. what is the amount and character of riley's recognized gain or loss and what is his basis in his partnership interest? a. $50,000 partnership basis, $14,000 land basis. b. $50,000 partnership basis, $10,000 land basis. c. $40,000 partnership basis, $14,000 land basis. d. 40,000 partnership basis, $10,000 land basis.

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