eBookItem 6 Riley is a 50 percent 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? Multiple Choice $0 gain, $36,000 basis $0 gain, $42,000 basis $0 gain, $50,000 basis $0 gain, $56,000 basis