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, paid $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