Coy and Matt are equal partners in the Matcoy Partnership. Each partner has a basis in his partnership interest of

$$28,000$ at the end of the current year, prior to any distribution. On December $31,$ each receives an operating distribution. Coy

receives $$10,000$ cash. Matt receives $$3,000$ cash and a parcel of land with a $$7,000$ fair market value and a $$4,000$ 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?