1.When Padgett Properties LLC was formed, Nova contributed land (value of $200,000 and basis of $50,000) and $100,000 cash, and Oscar contributed cash of $300,000. Both members received a 50% interest in LLC profits and capital. a. What is the tax characterization of Padgett Properties LLC, assuming no Form 8832 is filed? b. If no 8832 is filed, answer the following: i. Any gain or loss recognized on formation? ii. What is the basis of Nova and Oscar in their partnership interests? iii. What is the basis of the land in the hands of Padgett Properties LLC c. Does your answer to b. above change if Oscar contributed services worth $300,000 instead of cash? 2. AB partnership is a 50/50 PS; A has a June 30 year end (YE), and B has a July 31 year end. What is the required taxable year of the partnership?