Coy and Matt are equal partners in the Matcoy Partnership. Each partner has a basis in his partnership interest of $10,000 at the end of the current year, prior to any distribution. On December 31 they each receive a proportionate current distribution. Coy receives $15,000 cash. Matt receives $3,000 cash and a parcel of land with a $12,000 fair market value and a $11,000 inside basis. Matcoy has no debt or hot assets. What is Matt's basis in the land received from the partnership

scenario: hawaii and south carolina are trading partners. hawaii has an absolute advantage in the production of both coffee and tea. the opportunity cost of producing 1 pound of tea in hawaii is 2 pounds of coffee, and the opportunity cost of producing 1 pound of tea in south carolina is 1/3 pound of coffee. which of the following statements is true? a. south carolina should specialize in the production of both tea and coffee. b. hawaii should specialize in the production of tea, whereas south carolina should specialize in the production of coffee. c. hawaii should specialize in the production of coffee, whereas south carolina should specialize in the production of tea. d. hawaii should specialize in the production of both tea and coffee.