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 foir 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 so gain, $50.000 basis so gain, 542,000 basis O So gain, 658,000 basis $0 gain, $36.000 basis