eBook Calculator Exercise 21-21 (c) (LO. 8) When Austin Development LLC was formed, Michelle contributed land (value of $1,800,000 and basis of $600,000), and Chadwick contributed cash of $1,000,000 and mineral rights (value of $800,000 and basis of $720,000). Both members received a 50% interest in LLC profits and capital. a. How is the land recorded for $ 704(b) book capital account purposes? For $ 704(b) book capital account purposes, Austin records the land at $ b. What is Austin Development's tax basis in the land? gain and Chadwick's gain c. If Austin Development sells the land five years later for $2,500,000, Michelle reports a s is $