Marc is a 25 percent partner in the Beta Partnership. On January 1, Beta distributes $20,000 cash and land with a $16,000 fair value (inside basis $5,000) to Marc in a nonliquidating distribution. Beta has no liabilities at the date of the distribution. Marc's basis in his Beta Partnership interest is $16,000. What is the amount and character of Marc's gain or loss on the distribution and Marc's basis in the land?