Problem: Module 7 Textbook Problem 8 Learning Objective: 7-6 Adjust the tax basis in a partnership interest On January 1 Year 1, Radish, an individual, pald $15,000 for 5 percent of the stock in Root Corp. an corporation. In November Year 1. he loaned $8,000 to Root Corp. In return for a promissory note. Root Corp. generated a $600,000 operating loss in Year 1. Root Corp generated $220,000 ordinary business income in Year 2. In Year 3, Root Corp.repaid its $8,000 debt to Radish before he restored any basis in the debt. Required: How much gain or loss, if any, will Radish recognize as a result of the debt repayment in Year 3