Problem $14-58($LO $14-5)$

Roberto has a basis of $$6,000$ in a partnership at the beginning of the year. He receives $$7,000$ in cash distributions, his distributive share of income is $$3,500,$ and he receives a land distribution with a basis of $$6,000($FMV $$12,000).$

Required:

Is Roberto required to recognize any gain? If so$,$ how much is the gain?

What is Roberto$$s basis in the land?

What is Roberto$$s ending basis in his partnership interest?

Note: Leave no cells blank. Enter $"0"$ wherever required.