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 they each receive 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. d. what is matt’s basis in the distributed property?

The blumer company entered into the following transactions during 2012: 1. the company was started with $22,000 of common stock issued to investors for cash. 2. on july 1, the company purchased land that cost $15,500 cash. 3. there were $700 of supplies purchased on account. 4. sales on account amounted to $9,500. 5. cash collections of receivables were $5,500. 6. on october 1, 2012, the company paid $3,600 in advance for a 12-month insurance policy that became effective on october 1. 7. supplies on hand as of december 31, 2010 amounted to $225. the amount of cash flow from investing activities would be: