Coy and matt are equal partners in the matcoy partnership. each partner has a basis in his partnership interest of $40,500 at the end of the current year, prior to any distribution. on december 31 they each receive an operating distribution. coy receives $17,500 cash. matt receives $5,125 cash and a parcel of land with a $12,375 fair market value and a $6,500 basis to the partnership. matcoy has no debt or hot assets.
a. what is coy's recognized gain or loss? what is the character of any gain or loss?
b. what is coy's ending basis in his partnership interest?
c. what is matt's recognized gain or loss? what is the character of any gain or loss?
d. what is matt's basis in the distributed property?
e. what is matt's ending basis in his partnership interest?
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