Required information Problem 21-39 (LO 21-3) (Algo) [The following information applies to the questions displayed below.) Coy and Matt are equal partners in the Matcoy. Partnership. Each partner has a basis in his partnership interest of $31,500 at the end of the current year, prior to any distribution. On December 31, each receives an operating distribution. Coy receives $12,100 cash. Matt receives $3,595 cash and a parcel of land with a $8,505 fair market value and a $4,700 basis to the partnership. Matcoy has no debt or hot assets. Problem 21-39 Part a (Algo) a. What is Coy's recognized gain or loss? What is the character of any gain or loss? $12,100 of ordinary income O $12,100 of capital gain $19,400 of capital loss ONeither gain nor loss recognized