Question: Exercise 21-20 (Algorithmic) (LO. 8) When Padgett Properties LLC was formed, Nova contributed land (value of $273,000 and basis of $68,250) and $136,500 cash, and

Exercise 21-20 (Algorithmic) (LO. 8) When Padgett Properties LLC was formed, Nova contributed land (value of $273,000 and basis of $68,250) and $136,500 cash, and Oscar contributed cash of $409,500. 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, Padgett records the land at $1 b. What is Padgett's tax basis in the land? c. If Padgett sells the land several years later for $409,500, how much tax gain will Nova and Oscar report? Nova reports as gain and Oscar's gain is

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