Megan and Matthew are equal partners in the J & J Partnership (calendar year-end entity). On January 1 of the current year, they decide to liquidate the partnership. Megan's basis in her partnership interest is $106,000 and Matthew's is $37,400. The two partners receive identical distributions, with each receiving the following assets: (Leave no answer blank. Enter zero if applicable.) Tax Cash Inventory Land Totals Basis $31,500 5,900 650 $38,050 FMV $31,500 6,960 1,180 $39,640 a. What is the amount and character of Megan's recognized gain or loss? Neither gain nor loss recognized $66,450 of ordinary loss $2,030 of ordinary income $66.450 of capital loss $2.030 of capital gain b. What is Megan's basis in the distributed assets? Basis Cash Inventory Land d. What is Matthew's basis in the distributed assets? Basis Cash Inventory Land