Coy and matt are equal partners in the matcoy partnership. each partner has a basis in his partnership interest of $40,500 at the end of the current year, prior to any distribution. on december 31 they each receive an operating distribution. coy receives $17,500 cash. matt receives $5,125 cash and a parcel of land with a $12,375 fair market value and a $6,500 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?
b. what is coy's ending basis in his partnership interest?
c. what is matt's recognized gain or loss? what is the character of any gain or loss?
d. what is matt's basis in the distributed property?
e. what is matt's ending basis in his partnership interest?

Which of the following is an example of a monetary policy? a. the government requires credit card companies to protect customers' privacy. b. the government restricts the amount of money that banks can lend. c. the government lowers taxes and increases spending. d. the government pays for repairing damage from a natural disaster.

R& m chatelaine is one of the largest tax-preparation firms in the united states. it wants to acquire the tax experts, a smaller rival. after the merger, chatelaine will be one of the two largest income-tax preparers in the u.s. market. what should chatelaine include in its acquisition plans? it should refocus its attention from the national to the international market. in addition to acquiring the tax experts, it should also determine the best way to drive independent "mom and pop" tax preparers out of business. chatelaine will need to explain to the federal trade commission how the acquisition will not result in an increase in prices for consumers. chatelaine should enter a price-based competition with its other major competitor to force it out of business and become a monopoly.

With only a part-time job and the need for a professional wardrobe, rachel quickly maxed out her credit card the summer after graduation. with her first full-time paycheck in august, she vowed to pay $270 each month toward paying down her $8 comma 368 outstanding balance and not to use the card. the card has an annual interest rate of 18 percent. how long will it take rachel to pay for her wardrobe? should she shop for a new card? why or why not?