Required information 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 $33,500 at the end of the current year, prior to any distribution, On December 31 , each receives an operating distribution. Coy recelves $13,300cash. Matt recelves $3,935 cash and a parcel of tand with a $9,365 fair market value and a \$5,100 basis to the partnership. Matcoy has no debt or hot assets. c. What is Matt's recognized gain or loss? What is the character of any gain or loss? Required information [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 $33.500 at the end of the current year, prior to any distribution. On December 31 , each receives an operating distribution. Coy receives $13,300cash. Matt receives $3,935 cash and a parcel of land with a $9,365 fair market value and a $5,100 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