Matt receives a proportionate nonliquidating distribution. At the beginning of the parnership year, the basis of his partnership interst is $60000. He received a cash distribution of $25,000 and propert distribution (basis $20,000 FMV $12,0000. Matts share of partnership liabilities was reduced by $20,000 during the year. How much gain or loss does Matt recognize, what is his basis in the property he received and what is his remaining basis in the partnership interest?