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Please answer correctly i will give a thumbs up. If wrong i will put a thumbs down and reprt so please be accurate Required information
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Coy and Matt are equal partners in the Matcoy Partnership. Each partner has a basis in his partnership interest of $38,500 at the end of the current year, prior to any distribution. On December 31, each receives an operating distribution. Coy receives $16,300 cash. Matt receives $4,785 cash and a parcel of land with a $11,515 fair market value and a $6,100 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?
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