Exercise $10-22($Algorithmic$)($LO$.8)$

When Padgett Properties LLC was formed, Nova contributed land $($value of $$358,500$ and basis of $$89,625)$ and $$179,250$ cash, and Oscar contributed cash of $$537,750.$ Both partners received a $50\%$ interest in partnership profits and capital.

c$.$ If Padgett sells the land several years later for $$537,750,$ how much tax gain will Nova and Oscar report?

Nova reports a $$($BLANK$)$ gain and Oscar's gain is $$89,625$