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.

An increase in the market price of men's haircuts, from $16 per haircut to $26 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. when the $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)