In 2015, Alex contributes land worth $20,000 (which Alex paid $8,000 for in 2012) in exchange for a 40% partnership interest. 1. How much gain/loss does Alex recognize on the exchange? 2. What is Alex's outside basis at the end of 2015? 3. What is Alex's holding period in his partnership interest at the end of 2015 (long-term or short-term)? 4. How much gain/loss does the partnership recognize on the exchange? 5. What is the partnership's inside basis in the land? 6. What is the partnership's holding period in the land at the end of 2015 (long-term or short-term)?