Required information The following information applies to the questions displayed below.] 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 $116,000 and Matthew's is $41,400. The two partners receive identical distributions, with each receiving the following assets Tax Basis FMV Cash Inventory Land Totals $34,000 $34,000 7,400 8,560 1,480 900 $42,300 $44,040 (Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of Megan's recognized gain or loss? Neither gain nor loss recognized $72,200 ordinary loss $2,080 ordinary income $72,200 capital loss $2,080 capital gairn b. What is Megan's basis in the distributed assets? Basis Cash Inventory Land c1. What is the amount and character of Melissa's recognized gain or loss if her outside basis is $11,810 rather than $26,755? c2. What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $11,810 rather than $26,755? Complete this question by entering your answers in the tabs below. Req C1 Req C2 What is the amount and character of Melissa's recognized gain or loss if her outside basis is $11,810 rather than $26,755? Neither gain nor loss recognized 55,177 ordinary income $18,977 ordinary income $5,177 capital gain $18,977 capital gain Req C1 Req C2 What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $11,810 rather than $26,755? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Basis Cash Accounts receivable Stock investment Land