Coy and Matt are equal partners in the Matcoy Partnership. Each partner has a basis in his partnership interest of $40,000 at the end of the current year, prior to any distribution. On December 31 they each receive an operating distribution. Coy receives $17,200 cash. Matt receives $5,040 cash and a parcel of land with a $12,160 fair market value and a $6,400 basis to the partnership. Matcoy has no debt or hot assets.

b. What is Coy’s ending basis in his partnership interest?

d. What is Matt’s basis in the distributed property?

e. What is Matt’s ending basis in his partnership interest?