Question: Exercise 10-22 (Algorithmic) (LO. 8) When Padgett Properties LLC was formed, Nova contributed land (value of $268,500 and basis of $67,125) and $134,250 cash, and

Exercise 10-22 (Algorithmic) (LO. 8) When Padgett Properties LLC was formed, Nova contributed land (value of $268,500 and basis of $67,125) and $134,250 cash, and Oscar contributed cash of $402,750. Both partners received a 50% interest in partnership profits and capital. a. How is the land recorded for $ 704(b) book capital account purposes? For $ 704(b) book capital account purposes, Padgett records the land at b. What is Padgett's tax basis in the land? > c. If Padgett sells the land several years later for $402,750, how much tax gain will Nova and Oscar report? Nova reports a $ gain and Oscar's gain is $

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